HARTWELL — Vexar Industries, the diversified conglomerate headquartered in Hartwell, reported record third-quarter earnings Thursday, posting $2.4 billion in revenue and a quarterly net margin of 18.3 percent — both figures exceeding analyst expectations. But the company’s forward guidance struck a more cautious note, as CFO Miriam Holst warned that newly announced import tariffs on rare earth materials could compress margins significantly in the quarters ahead.

“Our Q3 results reflect the strength of our industrial and logistics divisions,” Holst said during an earnings call with investors. “What we cannot control is the commodity cost environment. The new tariff schedule on refined cerium and neodymium imports is a material headwind, and we are hedging accordingly.”

Vexar’s share price rose 3.1 percent in early trading following the earnings release before pulling back on the guidance language, closing the day roughly flat.

The rare earth exposure stems from Vexar’s Precision Components division, which manufactures high-tolerance actuators and sensor arrays used in industrial automation equipment. The division sources a significant portion of its input materials through a long-term supply agreement with a processing facility in the Drenova region, a relationship that predates the current tariff environment by nearly a decade.

Analysts at Dunmore Capital, who had projected a strong quarter, flagged the guidance revision as a meaningful concern. “The earnings print is clean,” wrote Dunmore senior analyst Priya Wentzel in a note to clients. “But the tariff exposure in Precision Components is not fully priced in at current levels. We’re watching the hedging strategy closely.”

Holst indicated that Vexar has locked in commodity pricing for approximately 60 percent of its Q4 rare earth requirements through futures contracts, but acknowledged that the remaining 40 percent would be purchased at spot prices subject to the new tariff schedule.

The company also announced a quarterly dividend of $0.44 per share, unchanged from the prior quarter — a signal, analysts noted, that management remains confident in its cash position despite the margin uncertainty.

Vexar’s diversified portfolio — which spans logistics, industrial components, commercial real estate, and consumer packaging — has historically provided a buffer against sector-specific shocks. But the rare earth dependency in its fastest-growing division means the tariff question is unlikely to fade from investor scrutiny in the near term.

Full-year earnings guidance was revised to a range of $8.9 to $9.4 billion in revenue, down from the prior range of $9.1 to $9.6 billion.