Stillwater Mining Reports Earnings for Third Quarter

Stillwater Mining (NYSE:SWE) reports that third quarter earnings .

The press release is quoted as saying:

Stillwater Mining Company today reported net profit for the 2010 third quarter of $5.9 million, or $0.06 per diluted share, on revenues of $142.9 million. This compares to third quarter of 2009 net income of $4.2 million, or $0.04 per diluted share, on revenues of $112.0 million. Stronger realized PGM prices in the third quarter of 2010 more than offset lower sales volumes in the third quarter of 2010 as compared to the third quarter of 2009. For the first nine months of 2010, Stillwater Mining Company (the “Company”) reported net income of $33.8 million, or $0.34 per fully diluted share, on revenues of $411.2 million. In the first nine months of 2009, the Company reported a net loss of $2.9 million, or $0.03 per diluted share, on revenues of $292.6 million. The first nine months of 2010 was characterized by higher PGM prices and stronger performance from the Company’s recycling segment than in the same period last year.

Says Francis R. McAllister, Chairman and CEO of Stillwater Mining:

“Despite a few continuing challenges in this year’s third quarter (more or less as expected), on the whole we are very pleased with the Company’s current direction and outlook. As is customary in these quarter-end analyses, we have compared performance for this year’s third quarter with the same period last year. Third-quarter earnings encouragingly were a bit stronger year on year, mostly the result of higher PGM prices this year. But I also note that our third-quarter reported earnings of $5.9 million declined fairly sharply from the $14.6 million we reported for this year’s second quarter, and I believe that deserves some comment. Upon review, several factors contributed to the lower earnings in the third quarter of 2010:  A complete list of factors is available at https://www.marketwire.com/press-release/Stillwater-Mining-Reports-Earnings-for-Third-Quarter-NYSE-SWC-1343647.htm
 

To access the full release, click here.