Home Wealth  Money Molycorp Misses Estimates, Rare Earth Miner's Stock Tanks

Molycorp Misses Estimates, Rare Earth Miner's Stock Tanks

Posted: Nov. 12th, 2011  |  By Forbes

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Rare-earth miner Molycorp reported it swung to a profit for its fiscal third quarter on Thursday on higher prices for the minerals it produces.

Profits totaled $48.4 million, or $0.52 per share, compared to a loss of $10.1 million, or $0.15 per share, in last year's third quarter.

Adjusted earnings of $0.67 per share fell short of analyst expectations, however.

Revenue surged to $138.1 million from $8.5 million in 2010, still below analyst forecasts.

Molycorp shares are trading down over 12% Friday.

The Rare Earth/Strategic Metals ETF is trading up about .3% today. Molycorp is the fifth-largest holding in the fund.

Other US-listed companies in the top holdings include Titanium Metals (nyse: TIE - news - people ) , trading up over 1.5% Friday.

Eighth-largest holding, RTI International Metals (nyse: RTI - news - people ) is trading up over 1.4% Friday, while ninth-largest holding Thompson Creek Metals shares are trading up over 1.5%.

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