Neo Performance rises on higher net income from rare metals in Q3
** Shares of industrial materials maker Neo Performance Materials NEO.TO up about 0.8% at C$8
** NEO reports Q3 operating income of $11.2 mln vs. $7 mln a year ago
** Rare metals segment jumped 479.6% to ~$15.9 mln; company says business continues to benefit from elevated hafnium prices
** Hafnium is mostly used as an additive in nickel-based superalloys for industrial and aero gas turbine engines
** NEO sees potential for its business from tariffs implemented, as the company produces hafnium and tantalum in two of its European manufacturing facilities with recycling capabilities and also supports targets of EU Critical Raw Materials Act
** Company says magnetic facility in Thailand and European sintered magnet facility (under construction) can provide permanent magnets to the United States without tariffs
** On Sept. 27, the U.S. enacted a 25% tariff on critical minerals imported from China, 100% tariffs on electric vehicles
** Company, however, reported Q3 adj. net income of $1.1 mln, or 3 cents per share, lower than year-ago adj. net income of $4 mln, or 9 cents per share
** Including session's gains, shares up ~5% YTD
Reporting by Seher Dareen in Bengaluru
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