07:45 AM EDT, 08/09/2024 (MT Newswires) -- Neo Performance Materials ( NOPMF ) said Friday that its second-quarter adjusted net income more than doubled despite a drop in revenue.

The company posted an adjusted net income of US$5.3 million, or US$0.13 per share, rising from US$2.5 million, or US$0.05 per share.

Revenue fell to US$107.5 million from US$170.4 million while adjusted EBITDA slid to US$13.4 million from US$19.5 million.

The company increased its adjusted EBITDA outlook for 2024 to US$45-$50 million, a 20-35% increase over the prior year.