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Seeking Alpha reports Molycorp’s (NYSE:MCP) recorded sales of 217 mt of REO product from Silmet.
Seeking Alpha reports Molycorp’s (NYSE:MCP) recorded sales of 217 mt of REO product from Silmet.
The market news is quoted as saying,
Listening to the earnings conference call leads one to believe that the sales are one month behind the production and thus even though Molycorp had been previously sending material to Silmet before the merger, it was only able to sell two months of material during this quarter. This merger delay in achieving full quarter sales leads to a difference in $13.4M or almost $.14 per share. Removing $.14 per share from my mid 60 cents per share 2Q estimate brings the estimate exactly in line with Molycorp’s report. This delay in realized earnings is a one-time event and will not need to be recorded in future estimates.