Molycorp Tanks on Q3 Earnings Miss
Shares of Molycorp (NYSE: MCP) are trading lower in the after-hours following the release of the company's Q3 earnings results. Currently, shares are lower by 7.36%, trading at $35.85; they ended the regular session lower by 2.35%, at $38.70.
Molycorp reported Q3 EPS of $0.67 on revenues of $138.1 million; the Street was looking for $0.68 per share on revenues of $152.12 million. Revenues increased 1,524.7% year over year.
"During the third quarter, we achieved record sales, margin, and income," said Mark Smith, Molycorp President and Chief Executive Officer. "This is a phenomenal accomplishment by our Molycorp family, particularly as we have simultaneously announced accelerated plans for Project Phoenix Phase 1 and 2 at Mountain Pass."
Other milestones during Q3 and the first several weeks of Q4 included the company's $20 million investment in Boulder Wind Power and its acquisition of the remaining Molycorp Sillamae shares for $10 million.
Molycorp, Inc. is a rare earth oxide producer in the Western hemisphere and owns a rare earth project outside of China. The company is in development stage. The company focuses to be an integrated producer of rare earth products, including oxides, metals, alloys and magnets.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.