Molycorp (MCP) Misses Q3 EPS by 13c

Molycorp (NYSE: MCP) reported Q3 EPS of ($0.40), $0.13 worse than the analyst estimate of ($0.27). Revenue for the quarter came in at $123 million versus the consensus estimate of $123.7 million.

Molycorp's Resources segment, comprised of its Mountain Pass, California rare earth mine and processing facility, sold 1,085 mt of rare earth oxide ("REO") equivalent products for $13.9 million in revenues, a 39% increase over the second quarter of 2014. ASP for the quarter was $12.84/kg, which was 25% higher than the preceding quarter due to a more favorable product mix. Production volume for the quarter was 691 mt, a 58% decrease over second quarter production of 1,639 mt. Cash cost for production increased to $33.80/kg, a 104% increase over production cash costs of $16.54/kg in the previous quarter, largely due to the limited availability of hydrochloric acid needed for production.

The Company's Chemicals and Oxides segment sold 1,651 mt and reported $43.5 million in revenues. The slight sequential increase in volume was offset by lower ASP of $26.33/kg. due to a less favorable product mix.

Its Magnetic Materials and Alloys segment sold 1,516 mt of magnetic powders and reported third quarter revenues of $62.7 million on ASP of $40.42/kg. This compares to second quarter revenues of $54.4 million on an ASP of $39.31/kg. for the segment.

Finally, Molycorp's Rare Metals segment reported sales volume of 104 mt on revenues of $21.3 million. ASP for the segment was $204.51/kg. Second quarter revenues were $15.9 million on ASP of $201.81/kg.

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

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