Molycorp (MCP) Reports Surprise Q4 Profit, Revs Jump 154%; Sees China Limits Continuing
March 9, 2011 4:14 PM EST
Molycorp Inc. (NYSE: MCP) shares are up 4 percent in aftermarket movement on Wednesday after the company reported much better-than-expected quarterly results.
The rare earth mineral company reported fourth-quarter earnings of 3 cents per share, 10 cents better than the analyst estimate for a loss of 7 cents per share.
Revenue for the jumped 154 percent to $21.7 million in the period from the third quarter, easily topping the market consensus of $13.47 million.
“Molycorp realized significantly higher sales volumes and revenue in the fourth quarter of 2010,” said Mark Smith, Molycorp President and Chief Executive Officer. “Our ability to produce 3,000 tons per year from our current facility is allowing us to benefit from today’s dramatically higher rare earth prices. We are in a great position to capture this increased revenue now, even as we construct our new, state-of-the-art processing facility and develop our integrated mine-to-magnets manufacturing supply chain.”
The company continues to anticipate that the Chinese government will follow through on its announced intent to continue to limit the quantity of rare earth oxides available outside of China.
Shares of Molycorp are up 2.94 percent to $48.72 in aftermarket movement on Wednesday. |
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