Stillwater Mining Co. Reports Jump In Third-Quarter Earnings
Friday, October 28, 2011 03:48 PM
Stillwater Mining Co. (NYSE: SWC) (TSX: SWC.U) reports third-quarter income was $40.7 million, or 37 cents per diluted share, on revenues of $253.7 million. This is up from income of $5.9 million, or 6 cents per share, on revenues of $142.9 million in the same quarter a year ago. The company mines palladium and platinum from two underground mines in south-central Montana. They produced a total of 130,000 ounces of palladium and platinum during the third quarter, a 6.2% increase from the 122,400 ounces in the third quarter of 2010, Stillwater says. Francis R. McAllister, chairman and CEO, says the company maintains production guidance of 515,000 mined ounces for the year. Meanwhile, recycling ounces processed increased by more than 70% from the third quarter of 2010 to 133,500 ounces of palladium, platinum and rhodium. McAllister says Stillwater realized “strong PGM prices in the third quarter,” although they declined as the quarter progressed. The company realized a “market basket” price of $988 per ounce, higher than $687 per ounce in the year-ago quarter. However, Stillwater says it will “review timing and scale” of project spending after recent movement in the financial markets. |
