Molycorp (MCP) Posts Q1 adj.-Loss of 28c/Share

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May 7, 2015 7:08 AM EDT
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Price: $0.36 --0%

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Molycorp (NYSE: MCP) reported Q1 EPS of ($0.28), versus the analyst estimate of ($0.17). Revenue for the quarter came in at $106.42 million versus the consensus estimate of $184 million.

The Company reported higher production volumes in the first quarter of 2015 at its Mountain Pass, California rare earth facility of 1,479 metric tons ("mt") of rare earth oxide ("REO") equivalent. This was an 11% increase over the fourth quarter 2014 production of 1,328 mt.

OIBDA and Adjusted OIBDA
We define OIBDA as operating income before depreciation, amortization and accretion. Adjusted OIBDA consists of OIBDA excluding certain non-cash items and other out-of-ordinary business expense and operational expansion items. OIBDA and adjusted OIBDA are both non-GAAP financial measures. We believe that adjusting out these items from OIBDA, including but not limited to purchase accounting adjustments, stock-based compensation, out-of-ordinary expenses/income, asset impairment charges and other miscellaneous charges, is useful to investors because it provides an overall understanding of our historical financial performance and future prospects. We believe that each of OIBDA and adjusted OIBDA is an indication of our base-line performance. Exclusion of these items permits evaluation and comparison of results for our core business operations, and it is on this basis that we internally assess our business' performance.
Three Months Ended March 31,
2015
2014
Operating loss
$
(54,901
)
$
(51,017
)
Add back:
Depreciation and amortization included in costs of sales
25,280
16,147
Depreciation, amortization and accretion
5,573
7,201
OIBDA
(24,048
)
(27,669
)
Add back:
Stock-based compensation
1,503
822
Inventory write-downs (Mountain Pass)
27,640
15,693
Impact of purchase accounting on cost of inventory sold
—
577
Water removal costs
3,352
8,102
Adjusted OIBDA
$
8,447
$
(2,475
)

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


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