Molycorp (MCP) Misses Q1 Views as Caps Continue to Pressure Profits
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Molycorp, Inc. (NYSE: MCP) shares are trading lower post-market following first-quarter earnings from the rare earth miner.
Net loss for the quarter was $909,000, or $0.03 per share, much narrower than a loss of $7.75 million reported in the same period last year. Adjusting for stock-based compensation, net income was $0.01 per share.
Revenue popped 770 percent to $26.26 million.
Analysts had been looking for EPS of $0.10 on revs of $43.68 million.
Molycorp notes improved revs was a balance "between increased volumes and higher realized prices." They continue that the average sales price was $37.73 per kilo, versus $34.02 last year. From the release: "Excluding sales under a contract with a price cap currently in effect – which covers one product line and terminates prior to the commencement of run rate production in 2012 at Molycorp’s new Mountain Pass processing facility – our average sales price during 1Q 2011 was $65.95 per kilogram. Market prices for REOs continued to increase throughout April."
Shares are 5.8 percent lower after-hours.
Net loss for the quarter was $909,000, or $0.03 per share, much narrower than a loss of $7.75 million reported in the same period last year. Adjusting for stock-based compensation, net income was $0.01 per share.
Revenue popped 770 percent to $26.26 million.
Analysts had been looking for EPS of $0.10 on revs of $43.68 million.
Molycorp notes improved revs was a balance "between increased volumes and higher realized prices." They continue that the average sales price was $37.73 per kilo, versus $34.02 last year. From the release: "Excluding sales under a contract with a price cap currently in effect – which covers one product line and terminates prior to the commencement of run rate production in 2012 at Molycorp’s new Mountain Pass processing facility – our average sales price during 1Q 2011 was $65.95 per kilogram. Market prices for REOs continued to increase throughout April."
Shares are 5.8 percent lower after-hours.
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