Thursday, February 23, 2012

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:

  • 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 

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