Nov. 6, 2014, 3:49 PM
- Molycorp (MCP -11%) bonds fall to all-time lows after the company reported Q3 losses that were wider than analysts had forecast.
- MCP’s $650M of 10% first-lien notes maturing June 2020 fell to as low as 65.9 cents on the dollar, the lowest since the securities started trading in March 2013, to yield 20.2%.
- As part of MCP's 11th consecutive quarterly earnings loss, revenue declined 17% Y/Y to $124M from the same period a year ago.
Nov. 5, 2014, 5:51 PM
Aug. 6, 2014, 4:07 PM
May. 8, 2014, 12:59 PM
- Molycorp (MCP -16.2%) after Q1 losses more than doubled as revenues were hurt by lower prices for rare earths and magnetic powders and lower sales volumes in its resources segment.
- MCP’s Q1 volumetric sales totaled 3,518 metric tons, up from 3,274 metric tons in the year-ago period, but average selling price fell 24.6% to $33.69/kg.
- MCP says it produced less material than expected at its Mountain Pass facility in California, citing interrupted production as it worked to optimize operations.
- Cash and cash equivalents fell to $236M from $404M in the prior-year quarter; generated negative cash flows of $45.8M from its operational activities.
May. 7, 2014, 4:17 PM
May. 6, 2014, 5:35 PM
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Mar. 3, 2014, 5:15 PM
- Molycorp (MCP) -5.3% AH after Q4 results show another quarter of losses and a 17% Y/Y drop in revenues attributed to a shifting product mix and lower prices for rare earth minerals and lower volumes of its magnetic powders.
- FY 2013 revenues rose 5%, but negative cash flow from operations totaled $154M for the year and capital expenses totaled $379M; MCP forecasts 2014 capex will total $80M-$90M.
- Says the chlor-alkali plant at its Mountain Pass, Calif., rare earth facility has successfully completed commissioning and is now operational, which MCP expects to facilitate increased production volumes at lower production costs.
- No guidance offered.
Mar. 3, 2014, 4:15 PM
Mar. 3, 2014, 12:10 AM
Mar. 2, 2014, 5:35 PM
Nov. 8, 2013, 10:36 AM
- Molycorp (MCP +3.1%) is maintained with a Neutral rating and $5 price target at Goldman Sachs, which sees MCP's demand recovery as a positive though it was offset by weak pricing.
- Goldman likes the improved tone and steady fundamental progress in the Q3 results, including demand recovery for MCP's highest value product, magnetic rare earths (+20% Q/Q) and tangible cost reductions at Mountain Pass (-25% Q/Q) after several quarters of no progress.
- But the positives were somewhat offset by muted expectations for SorbX commercialization and diminished outlook for cerium sales in 2014 which, if not reconciled over the longer term, could negatively impact MCP's ability to hit sub-$10/kg production costs and/or ramp to phase two capacity.
Nov. 7, 2013, 6:22 PM
- Molycorp (MCP) -3.1% AH after missing Q3 earnings and revenue estimates but says demand and prices for rare earth products are recovering from the "worst quarter we have seen in recent memory."
- A Chinese government crackdown on illegal mining and smuggling of rare earths has helped "a semblance of stability" return to industry demand and prices, interim CEO Constantine Karayannopoulos says.
- Q3 revenue fell to $149M from $205M in the year-ago quarter but rose 9% Q/Q.
- The $1.25B expansion of MCP's main mine, Mountain Pass in California, remains on track for full commissioning in the current quarter.
Nov. 7, 2013, 4:10 PM
Nov. 7, 2013, 12:10 AM
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Nov. 6, 2013, 5:35 PM
- ADES, ADUS, AIRM, AL, ALJ, ANAC, ARAY, AREX, ARNA, ATLS, ATW, AUQ, AVG, BCEI, BEBE, BIO, BNNY, BPZ, CFN, CLNE, CUBE, DAR, DIS, DMD, EAC,EBS, ECPG, ELON, ENOC, EZPW, FEYE, FF, FUEL, FXEN, GERN, GRPN, GXP, HTGC, IL, KRO, KTOS, LCI, LFVN, MCP, MDRX, MITK, MNST, MNTX, MSCC, NES,NFG, NKTR, NOG, NVDA, OCLR, OLED, PCLN, PEGA, PODD, RNDY, SF, SGMS, SLXP, SNTS, SQNM, SWIR, TSRO, TUMI, UBNT, UNXL, VVC, WIFI, WR, WTR, XNPT,XTEX, YRCW
Aug. 9, 2013, 10:48 AM
- Molycorp (MCP -10.5%) shares slide after disappointing Q2 results, but Goldman Sachs believes fundamentals are nearing a bottom and maintains its Neutral rating and $6 price target.
- The firm notes several positive developments during the quarter, including normalizing REO demand as customer inventory destocking appears to have subsided and H2 order patterns are on the mend.
- Goldman says it's not time to pull the trigger, pending clarity around MCP's expected Sept. closing on a $125M revolver and commissioning of its chlor-alkali facility, a key factor in achieving targeted sub-$10/kg production costs and profitability.
MCP vs. ETF Alternatives
Molycorp, Inc., manufactures custom engineered rare earth and rare metal products. The Company's reportable segments include resources chemicals and oxides magnetic materials and alloys and rare metals.
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