Molycorp, Inc. Earnings Cheat Sheet: Swing to a Profit

Molycorp, Inc. (NYSE:MCP) reported its results for the second quarter. Molycorp, Inc. is a rare earth oxide producer in the Western Hemisphere. The Company owns fully developed rare earth project outside of China. It is a development stage company.

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Molycorp Earnings Cheat Sheet for the Second Quarter

Results: Swung to a profit of $48.8 million (52 cents per diluted share) in the quarter. Molycorp, Inc. had a net loss of $23.3 million or a loss 48 cents per share in the year earlier quarter.

Revenue: Rose to $99.6 million from the year earlier quarter figure of $1.9 million.

Actual vs. Wall St. Expectations: The company beat the mean analyst estimate of 40 cents a share.

Quoting Management: “We are very pleased with our accomplishments this quarter, as we successfully completed two acquisitions that advance our vertically integrated mine-to-magnets strategy,” said Mark Smith, Molycorp President and Chief Executive Officer. “Additionally, we remain on time and on budget with Project Phoenix and we expect to help alleviate the global supply shortage even more when our new plant comes on line next year. Global demand for rare earths remains very high, and supply outside of China continues to be tight, as China continues to reduce its net REO export quotas.”

Competitors to Watch: Avalon Rare Metals Inc (AMEX:AVL), Thompson Creek Metals Co., Inc. (NYSE:TC), Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), 3M Company (NYSE:MMM), PolyMet Mining Corp. (AMEX:PLM), General Moly, Inc. (AMEX:GMO) and Thompson Creek Metals Co., Inc. (NYSE:TCM).

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(Source: Xignite Financials)

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