Molycorp Inc. (NYSE: MCP) reported a second quarter adjusted EPS loss of $0.03 and $107.6 million in revenue after markets closed today. Adjusted EPS for the same period a year ago totaled $0.52, and last year’s revenue totaled $99.6 million. The results compare to the Thomson Reuters consensus estimates for EPS of $0.08 and $115.6 million in revenue.
The company completed its acquisition of Neo Materials in June, and the operations, now called Molycorp Canada, give Molycorp the ability to produce heavier, higher priced rare earth minerals.
The company’s president/CEO said:
The diversity of our vertical integration strategy is showing its value, as we have observed strengthening markets for certain downstream rare earth products, including bonded magnetic powders produced by Molycorp Magnequench. On the whole, pricing of rare earth oxides have flattened, although the floor remains soft in certain Japanese supply chains.
The company affirmed full-year production guidance…
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