Molycorp Inc. Earnings: Swinging to a Profit
Molycorp Inc. (NYSE:MCP) reported its results for the fourth quarter. Molycorp is a rare earth oxide producer in the Western Hemisphere. The company owns fully developed rare earth projects outside of China. It is a development stage company.
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Molycorp Earnings Cheat Sheet for the Fourth Quarter
Results: Reported a profit of $26.6 million (26 cents per diluted share) in the quarter. Molycorp Inc. had a net loss of $7.9 million or a loss 5 cents per share in the year-earlier quarter.
Revenue: Rose more than sixfold to $132.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Reported adjusted net income of 41 cents a share. By that measure, Molycorp Inc. fell in line with the mean estimate of 41 cents a share.
Quoting Management: “2011 was a very successful year of accomplishment for Molycorp,” said Mark Smith, Molycorp President and Chief Executive Officer. “We solidly turned the corner to profitability and we registered net sales of nearly $400 million. We kept Project Phoenix tracking to an accelerated timeline, and succeeded in becoming the world’s first company outside of China to assemble a fully integrated rare earth mine-to-magnets supply chain. We continue to produce and commercialize new products. And, we remain laser-focused on ensuring that we are operating at peak performance so we can meet growing global demand for rare earths for years to come.”
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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