What is the test for a party seeking a new trial on the basis of newly discovered evidence?

A party seeking a new trial under Code of Civil Procedure section 657, subdivision (4) on the basis of newly discovered evidence must show "(1) that the evidence is newly discovered; (2) that reasonable diligence has been exercised in its discovery and production; and (3) that the evidence is material to the movant's case." (Horowitz v. Noble (1978) 79 Cal.App.3d 120, 137.) Even if the first two elements are satisfied, "there must still be a showing that such evidence also is material in the sense that it is likely to produce a different result." (Id. at p. 138.) Without deciding whether appellant has satisfied the first two elements, we find the third element is missing here.