NEW YORK ( TheStreet) -- Shares of Molycorp (MCP - Get Report) fell in extended trades on Tuesday after the Greenwood Village, Colo.-based rare earth materials producer reported a surprise first-quarter loss.
The company posted a net loss of $909,000, or 3 cents a share, for the three months ended March 31 on revenue of $26.3 million. Excluding stock-based compensation expense, Molycorp said it delivered an adjusted profit of $780,000, or a penny per share, in the latest quarter.
The average estimate of analysts polled by
Thomson Reuters was for earnings of 8 cents a share in the quarter on revenue of $41.7 million.
The stock was last quoted at $63.08, down 5.1%, on late volume of roughly 975,000, according to Nasdaq.com. The shares were weak ahead of the report, dropping 7% to close the regular session at $66.47.Still, at that level, the stock was up nearly 44% since the start of 2011, hitting a 52-week high of $79.16 on May 3. Mark Smith, the company's president and CEO, offered a bullish assessment of the performance. "We were very pleased to see both sales volume and revenue increase for Molycorp in the first quarter of 2011, as this quarter is typically characterized by slow buying and depressed activity in China due to its New Year celebrations," said Smith in a statement. He continued: "In spite of this, and in spite of the natural catastrophes experienced by Japan in the first quarter, we continued to see strong global demand for our products. Market prices of REOs