North American Palladium Expects Negative Revision to 2015 Guidance

North American Palladium (TSX:PDL,OTC PINK:PALDF) put out its second quarter results on Wednesday, noting that a temporary shutdown at the LDI mill had a materially adverse impact on operating and financial results for the period. The company stated that its 2015 guidance is under review, with a negative revision expected.
As quoted in the press release:

This decision was made due to a number of factors, including the impact of the suspension of milling operations, the recent decline in palladium and other payable metal prices, as well as additional costs incurred due to the remediation related to the water balance issues. The Company expects to provide an update on guidance during the third quarter.

Highlights of results included:

• During the second quarter the LDI mill was shut down from May 8 to June 26, and this had a materially adverse impact on operating and financial results for the period.
• Produced 22,904 ounces of payable palladium, a 42% decrease compared to the same period in 2014, at a cash cost per ounce⁽¹⁾ of US$750.
• Realized palladium selling price of US$758 per ounce, giving a palladium operating margin of US$8 per ounce, or US$0.2 million.
• Revenue of $27.3 million, a decrease of $23.2 million or 46% compared to the same period in 2014.
• Adjusted EBITDA⁽¹⁾ of negative $4.0 million, a decrease of $14.5 million compared to $10.5 million for the same period in 2014.
• Invested $7.8 million in capital expenditures and $1.8 million in exploration expenses.

Click here for the full press release.