Molycorp Inc.
The Greenwood Village-based rare-earth mining company swung to a second-quarter profit on sharply higher sales volume and selling prices, as well as contributions from two subsidiaries the company acquired in April.
Prices of the rare-earth elements, which are used in high-tech electronics and defense and other applications, have surged the past two years, although there are some doubts that export curbs by China — which accounts for 95 percent of world output — are as bad as rising prices imply.
For the latest quarter, Molycorp reported a profit of $47.8 million, or 52 cents a share, compared with a prior- year loss of $23.3 million, or 47 cents a share. Revenue jumped to $99.6 million from $1.9 million.
Analysts surveyed by Thomson Reuters expected a per-share profit of 40 cents.
