Rare Earth Miner Molycorp Swings to a Profit, Misses Estimates Friday, November 11, 12:20 PM ET
Rare-earth miner Molycorp (
MCP) reported it swung to a profit for its fiscal third quarter on Thursday on higher prices for the minerals it produces.
Profits totaled $48.4 million, or $0.52 per share, compared to a loss of $10.1 million, or $0.15 per share, in last year's third quarter.
Adjusted earnings of $0.67 per share fell short of analyst expectations, however.
Revenue surged to $138.1 million from $8.5 million in 2010, still below analyst forecasts.
Molycorp shares are trading down over 12% Friday.
The Rare Earth/Strategic Metals ETF (NYSE:
REMX) is trading up about .3% today. Molycorp is the fifth-largest holding in the fund.
Other U.S.-listed companies in the top holdings include Titanium Metals (
TIE), trading up over 1.5% Friday.
Eighth-largest holding, RTI International Metals (
RTI) is trading up over 1.4% Friday, while ninth-largest holding Thompson Creek Metals ( TC) shares are trading up over 1.5%.
For MarketNewsVideo.com, I'm Sayoko Murase.
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Rare Earth Miner Molycorp Swings to a Profit, Misses Estimates
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