Excellent Earnings 09:13 AM EDT, 05/13/2022 (MT Newswires) -- Neo Performance Materials Inc. (NEO.TO) on Friday reported adjusted net income of US$23.5 million, or US$0.56 per diluted share, compared with US$15.1 million, or US$0.39 per diluted share, in the corresponding period of the prior year.
Analysts polled by Capital IQ expected adjusted net income of US$10.04 million, or US$0.30 per share.
Consolidated revenue for the quarter ended March 31 rose 27.1% to US$166.3 million from US$130.9 million for the same period in the prior year. Analysts surveyed by Capital IQ estimated revenue at US$160.9 million.
Adjusted EBITDA was US$33.1 million, a 47.6% jump over US$22.4 million in the first quarter of 2021. This exceeded expectations of US$22.0 million.
As of March 31, Neo had cash and cash equivalents of US$61.1 million plus restricted cash of US$1.3 million, compared with US$89.0 million plus US$1.3 million as at Dec. 31, 2021.
The company declared a quarterly dividend of C$0.10 per common share on Thursday for shareholders of record at June 20, with a payment date of June 28.