Sherritt Profits Drop, Shares Rise

Reuters reported Sherritt International Corp (TSX:S) said its second-quarter profit fell 32 percent on lower nickel prices and lower export thermal coal sales volumes, however its shares rose.

As quoted in the market news:

Earnings fell to C$40.8 million ($40 million), or 14 Canadian cents a share, in the quarter from C$60.1 million, or 20 Canadian cents, a year earlier.

Shares rose 2.8 percent to C$4.71 shortly after market open on the Toronto Stock Exchange on Wednesday, as the second-quarter profit beat average analyst expectations of 13 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Click here to read the full Reuters report.