Molycorp Earnings: "I Could Not Be More Proud of The Molycorp Family" (MCP)

I hate it when they talk like that, it triggers alarm bells and Sister Sledge tunes.
From the company:


HIGHLIGHTS:

• Molycorp announced this week the successful launch of the sequential start-up of its new Project Phoenix rare earth manufacturing facility at Mountain Pass, which is ahead of schedule.
• The Company confirmed that Project Phoenix remains on its accelerated schedule, with a target of achieving a Phase 1 production run rate of 19,050 metric tons of rare earth oxide (REO) equivalent by the end of Q3 2012 (3 months earlier than originally planned) and Phase 2 mechanical completion by the end of Q4 2012 (6 months earlier than originally planned).
• 2011 revenues were $396.8 million, up $361.7 million from 2010 revenues of $35.2 million. 2011 sales volumes at Mountain Pass increased 67% over 2010 levels, to 3,050 metric tons REO equivalent. Consolidated sales across all segments reached 3,516 metric tons.
• Molycorp reported Q4 GAAP earnings per diluted share of $0.26, or $0.41 adjusted earnings per diluted share. The Company also reported 2011 GAAP earnings per diluted share of $1.27, or $1.73 adjusted earnings per diluted share. Adjusted EPS takes into account certain non-cash and other out-of-ordinary operational and business expansion items.
• The Company reported a $169.1 million increase in GAAP net income over the prior year.
• Molycorp registered Q4 GAAP net sales revenue of $132.9 million, based on the sale of 886 metric tons of REO equivalent. The Company also reported Q4 gross sales of $145.2 million based on 1,420 metric tons of REO equivalent products.

GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Feb. 23, 2012-- Molycorp, Inc. (NYSE: MCP) (“Molycorp” or the “Company”) today announced financial and operating results for the fourth quarter and full year 2011.

“2011 was a very successful year of accomplishment for Molycorp,” said Mark Smith, Molycorp President and Chief Executive Officer. “We solidly turned the corner to profitability and we registered net sales of nearly $400 million. We kept Project Phoenix tracking to an accelerated timeline, and succeeded in becoming the world’s first company outside of China to assemble a fully integrated rare earth mine-to-magnets supply chain. We continue to produce and commercialize new products. And, we remain laser-focused on ensuring that we are operating at peak performance so we can meet growing global demand for rare earths for years to come.”

“This Company is all about execution … about delivering what we said we would deliver,” Smith said. “I could not be more proud of the performance of the Molycorp family.”...MORE 

And:
Webcast
Q4 2011 Molycorp, Inc. Earnings Conference Call (Live)
02/23/12 at 4:30 p.m. ET