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
Walt DisneyShares of Walt Disney (DIS) slumped after the Dow component's fiscal second-quarter results came in well short of Wall Street's consensus expectations. The media and entertainment conglomerate reported a profit of $942 million, or 49 cents a share, on revenue of $9.08 billion for the three months ended on April 2, down slightly from year-ago earnings of $953 million, or 48 cents a share, on revenue of $8.58 billion. The per share profit was more than 13% below the average estimate of analysts polled by Thomson Reuters for a profit of 57 cents a share on revenue of $9.12 billion in the latest quarter The stock was last quoted at $42.67, down 2.8%, on volume of 1.64 million. Disney shares had tacked on 1.9% in Tuesday's regular session, and were up roughly 15% year-to-date before the pullback in late trades. The stock's 52-week high of $44.34 dates back to March 4.
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