Molycorp (MCP) stock plummeted on Thursday following the company’s quarterly earnings report.
The mining corporation’s first-quarter report were poor with a per share loss of 29 cents for the quarter. Molycorp’s revenue declined 18% on a year-over-year basis to $118.5 million, missing analysts’ estimates by $25.9 million.
The company said that its disappointing quarter can be attributed to lower pricing of rare earths and magnetic powder. Molycorp also had lower sales volume in its Resources segment.
The company’s oxides segment had 1,926 metric tons of volumetric, combining for generated revenues of $46.60 million.
MCP stock is down 18.46% on Thursday.
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