Photo: Lynas Corp
Shares of MolyCorp got hammered during today’s market, and in after hours it’s plunging some more after the company published a dismal earnings report.This is a young company that’s focused on investment and growth, but still: revenue of $26.3 million vs. analyst estimates of around $41.6 million is a major bomb.
The company earned $.01/share vs. expectations of $.10/share.
Making this especially disappointing is the fact that rare earth prices have been on a total tear, a trend, says the company, that’s continued in April.
The company did say that the Japan earthquake caused a hit, but that this would revert to normal by the end of the year.
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