12:05 PM EDT, 08/09/2024 (MT Newswires) -- Neo Performance Materials ( NOPMF ) said Friday its second-quarter adjusted profit more than doubled despite a drop in revenue.

The company posted an adjusted profit of US$5.3 million, or US$0.13 per share, rising from US$2.5 million, or US$0.05, in the year-prior quarter.

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 million to $50 million, a 20-35% increase over the prior year.

The company's shares were last seen up $0.17 to $7.29 on the Toronto Stock Exchange.

Price: 7.29, Change: +0.17, Percent Change: +2.39