Molycorp Shares Climb on 2013 Results Release

Molycorp Inc. (NYSE:MCP) announced yesterday its financial and operating results for the fourth quarter of 2013 as well as for the year as a whole, commenting that for the entirety of 2013, its sales volume came to 13,118 metric tons, up 42 percent from the previous year. Net revenue for 2013 was $554.4 million, 5 percent higher than in 2012.

Shares of the company were selling for as much as $5.445 yesterday, though they are currently down at $5.09.

Other highlights include:

• The Company announced that the Chlor-Alkali plant at its Mountain Pass, California rare earth facility has successfully completed commissioning and is now operational, which facilitates increased production volumes at lower production costs.
• The Company reported fourth quarter product sales volume of 3,201 metric tons (mt), a 12% decrease over the third quarter, at an average selling price (‘ASP’) of $38.68 per kilogram. Net revenues for the quarter were $123.8 million, a 17% decrease from the third quarter.
• The Company reported a net loss of $0.95 per share for the quarter. The Company reported a net loss of $0.28 per share for the quarter on an adjusted non-GAAP basis.
• For the full year 2013, the Company reported a net loss of $2.21 per share, which includes a loss of $0.04 per share related to discontinued operations. On an adjusted non-GAAP basis, the Company reported a net loss of $1.09 per share for the full year.

Click here to read the full Molycorp Inc. (NYSE:MCP) press release.