Higher Prices Help Molycorp Adjusted Q1 Profit

Reuters reported that Molycorp (NYSE:MCP) announced a sharp increase in quarterly profit due to higher rare earth prices.

As quoted in the market news:

First-quarter adjusted profit rose to $18.3 million, or 18 cents a share, from $2 million, or 1 cent, in the year earlier period. Analysts, on average, expected earnings of 13 cents a share, according to Thomson Reuters I/B/E/S.

Click here to read the full Reuters report.