Molycorp (MCP) Beats Q2 Views on Strong Mountain Pass Growth; Raises Production Outlook
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Molycorp (NYSE: MCP) is shunning exploration for rare earths as its main operation and is instead digging up some solid after-hours movement following second-quarter results. (That was a joke. The "shunning rare earths" part, not the "solid after-hours movement" part.)
Revenue for Molycorp increased markedly in the quarter to $99.62 million, compared with $1.90 million reported in the same period last year.
Molycorp also began turning a profit, reporting net income of $50.08 million from a loss of $23.29 million last year. The number equates to 52 cents per diluted share.
The Street was looking for revenue of $98.59 million and earnings of 42 cents per share.
Molycorp attributed the revenue gain to "a combination of robust results from its Mountain Pass facility, and the inclusion of revenue from the Company’s recently acquired subsidiaries." Mountain Pass revenue grew 130 percent sequentially to $60.3 million, net of intercompany sales. The growth in Mountain Pass revenue was driven both by higher realized prices and by higher volumes.
Looking ahead, Molycorp sees fiscal 2011 rare earth oxide (REO) of 4,941 to 5,881 metric tons, up from a prior range of 4,540 to 5,814 metric tons.
Shares of Molycorp are up 8.6 percent in post-market trading.
Revenue for Molycorp increased markedly in the quarter to $99.62 million, compared with $1.90 million reported in the same period last year.
Molycorp also began turning a profit, reporting net income of $50.08 million from a loss of $23.29 million last year. The number equates to 52 cents per diluted share.
The Street was looking for revenue of $98.59 million and earnings of 42 cents per share.
Molycorp attributed the revenue gain to "a combination of robust results from its Mountain Pass facility, and the inclusion of revenue from the Company’s recently acquired subsidiaries." Mountain Pass revenue grew 130 percent sequentially to $60.3 million, net of intercompany sales. The growth in Mountain Pass revenue was driven both by higher realized prices and by higher volumes.
Looking ahead, Molycorp sees fiscal 2011 rare earth oxide (REO) of 4,941 to 5,881 metric tons, up from a prior range of 4,540 to 5,814 metric tons.
Shares of Molycorp are up 8.6 percent in post-market trading.
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