- Molycorp (MCP) -7.5% AH after reporting a wider Q2 loss even as revenue rose, as sales prices dropped sharply.
- Loss attributable to common shareholders was $0.44/share vs. a loss of $0.71 a year earlier when fewer shares were outstanding; excluding costs associated with its expansion and other items, the loss widened to $0.36/share from $0.03 a year ago.
- Average selling price for MCP’s rare metals was $272.14/kg vs. $187.35 a year ago, while rare metals production was flat.
- Had $264M cash on hand at the end of Q2; expects to spend ~$432M on capex this year vs. last year's $790M spent.
- Says it is seeing increasingly bullish signals from customers across several segments for product demand, which will coincide with higher production capacity at Mountain Pass.
Molycorp -7.5% AH on disappointing Q2 results
Aug 8 2013, 16:48 ET