Friday, August 12, 2011

Molycorp (MCP) Soars on $43.5 Million Profit

Molycorp (NYSE:MCP), which his attempting to position itself as the premier rare earths producer and supplier outside of China, generated a profit in the second quarter of $43.5 million, or 52 cents a share.

In the same quarter last year Molycorp lost $23.3 million, or 47 cents a share.

This easily beat the 39 cents a share analysts surveyed by FactSet were looking for. Revenue for the quarter jumped to 499.6 million, up from the slim $1.9 million in the same quarter in 2010.

Molycorp closed Thursday at $54.14, climbing $2.59, or 5.02 percent. In after hours trading the rose to $58.09, soaring another $3.95, or 7.30 percent.

The company has a market cap as of the Thursday close of $4.54 billion.

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