EmailMolycorp (MCP $61.61 +7.47) reported second quarter earnings of $0.52 per share, or $48.8 million, including a $6.6 million tax benefit, $0.13 better than the Capital IQ Consensus Estimate of $0.39.
Revenues rose 5142.1% year/year to $99.6 million versus the $98.6 million consensus.
The company sees fiscal year 2011 production of 4.94-5.88 metric tons of REO. Mountain Pass sold 829 metric tons of REO equivalent products, a 19% sequential increase and 212% year-over-year increase. Mountain Pass realized an average sales price of $72.80 per kilogram compared to an average sales price of $37.73 per kilogram in Q1 2011, and an average sales price of $7.16 per kilogram for Q2 2010.
Silmet's sales in Q2 2011 included 217 metric tons of REO equivalent products at an average sales price of $69.27 per kilogram and also included 80 metric tons of rare metals at an average sales price of $167.50 per kilogram. MMA sold alloys containing ~53 metric tons REO equivalent products to contribute $10.3 million in revenue.
