Molycorp Beats by a Penny

Molycorp Beats by a Penny

Rare earth miner Molycorp reported third-quarter results today after the markets closed, showing that it posted net revenues of $149.1 million, a 27% decline from the same period in the previous year, and short of the $154.9 million Capital IQ consensus estimate.

While attributable adjusted net losses came in at $45.9 million, or $0.27 per share and much wider than the $6.1 million, or $0.05 per share in the same period in 2012, it was $0.01 per share better than the CapIQ estimates of $0.28 per share.

Molycorp says results improved sequentially primarily because of higher product volumes and slightly higher average selling prices in its chemicals and oxides segment and higher product volumes for its magnetic materials and alloys segment.

The miner didn't provide guidance for the coming quarter, but analysts anticipate Molycorp to post earnings of $0.22 per share in the fourth quarter on revenues of $198.5 million.

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