Molycorp (MCP) Posts Q1 Loss of 29c/Share

Molycorp (NYSE: MCP) reported Q1 EPS of ($0.29), $0.08 worse than the analyst estimate of ($0.21). Revenue for the quarter came in at $118.5 million versus the consensus estimate of $144.48 million.

The decrease in revenues was largely driven by a shifting product mix, with higher sales volumes from its Chemicals and Oxides segment, offset by softened pricing for rare earths and magnetic powders, and lower sales volumes in its Resources segment.

During the first quarter, the Company sold 3,518 mt of product at an ASP of $33.69 per kilogram, and generated a gross loss of $23.1 million. This compares to sales volumes of 3,201 mt at an ASP of $36.68 per kilogram and a gross loss of $27.0 million during the fourth quarter of 2013. The Company produced 1,111 metric tons of rare earth oxides at its Mountain Pass facility during the first quarter. Actual production was lower than expected as a result of production interruptions while the Company continues to optimize operations, and this lower than expected production has continued through the first two months of 2014.

For earnings history and earnings-related data on Molycorp (MCP) click here.

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