Molycorp Earnings: Revenue Strengthens, Loss Widens
Molycorp Inc. (NYSE:MCP) reported its results for the first 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 First Quarter
Results: Loss widened to $948,000 (7 cents per diluted share) from $909,000 (loss of 3 cents per share) in the same quarter a year earlier.
Revenue: Rose more than threefold to $84.5 million from the year-earlier quarter.
Quoting Management: “The start of 2012 has been tremendously productive as we continue to hit each of our major milestones on the path to completion of Project Phoenix,” said Mark Smith, President and Chief Executive Officer.
For the past five quarters, the company has seen double-digit year-over-year percentage revenue growth. Over that span, the company has averaged growth of 1673.2%, with the biggest boost coming in the second quarter of the last fiscal year when revenue rose 5299.2% from the year earlier quarter.
MCP’s loss in the latest quarter breaks a three-quarter string of profits. The company reported a profit of $23.3 million in the fourth quarter of the last fiscal year, a profit of $48.7 million in the third quarter of the last fiscal year and $47.8 million in the second of the last fiscal year.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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