Editors Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of todays must-read news and expert opinions. Sign up here!\n(Kitco News) - On Thursday, rare earth metals producer MP Materials (NYSE: MP) announced that in Q3 2022, the company produced 10,886 tonnes of rare earth oxides (REO), down 9% over Q3 2021 due to lower feed grade and mineral recoveries compared to the prior year period.\nThe company said that its revenue increased 25% year-over-year to $124.4M, driven by an increase in the realized price of REO in concentrate partially offset by lower sales volumes.\nMP Materials added that the 51% increase in realized price compared to the third quarter of 2021 was due to higher demand for rare earths driving increased market prices.\nThe company's adjusted net income increased by 41% year-over-year to $68.1M, mainly due to the higher adjusted EBITDA, increased interest and investment income earned on an increase in short-term investments and a reduction in depreciation. Net income increased 48% year-over-year to $63.2M, driven by the higher adjusted net income.\nAccording to the company's statement, diluted earnings per share (EPS) increased 43% year-over-year to $0.33, driven by the higher net income, while adjusted diluted EPS increased 38% to $0.36 due to the increase in adjusted net income.\n"We reached a major milestone by beginning the commissioning of our Stage II assets starting with the concentrate drying and roasting circuits. We also completed the building shell of our Stage III magnetics facility in just seven months," said Chairman and CEO James H. Litinsky.\n"In addition to advancing key projects, we grew our engineering and operations organization significantly while maintaining strong concentrate production and sales. We continue to focus on the methodical execution of our strategy to restore the full rare earth supply chain to American shores, which is of tremendous consequence to U.S. competitiveness and to our shareholders," he added.\nMP Materials is the largest producer of rare earth materials in the Western Hemisphere. The company owns and operates the Mountain Pass rare earth mine and processing facility in California, North America's only active and scaled rare earth production site.\nDisclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and\/ or damages arising from the use of this publication.