Molycorp, Inc. (MCP) Thursday said first-quarter loss widened to $47.22 million or $0.33 per share from $3.48 million or $0.07 per share in the comparable quarter last year.
On average, five analysts polled by Thomson Reuters expected the company to reprot a loss of $0.27 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $146.37 million, up from $84.47 million last year. Analysts expected revenues of $137.52 million.
Looking ahead, the company expects first-half results to be weaker, due to typical seasonality resulting in slow rare earth sales in the first quarter, combined with the expectation that its Molycorp Mountain Pass facility will not achieve full-scale commercial production until mid-year 2013.
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