Molycorp, Inc. (NYSE: MCP) is gaining after its earnings report. The US rare earth leader (or monopoly for now) reported a profit as its volumes and average selling prices rose in the quarter. Earnings came in at $0.41 in adjusted earnings per share on sales of $132.9 million in sales, and it reported a gross margin of 52.9%. Thomson Reuters had estimates of $0.41 EPS on $134.95 million in sales.
The company is targeting sales growth in 2012 and has backed its REO production targets for the year of about 8,000 metric tonnes to 10,000 metric tonnes.
Shares closed flat at $29.00 ahead of earnings and the stock is up 5.5% at $30.70 in the after-hours trading session. A mean target from analysts ahead of earnings was $52.83 but that is just from a handful of analysts. Molycorp shares have traded in a 52-week range of $23.05 to $79.16 and the market value at the close was $2.44 billion.
As a secondary beneficiary around the theme of rare earth oxides, Rare Element Resources Ltd. (AMEX: REE) is up in the after-hours trading session as a sympathy trade.
JON C. OGG
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