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Noranda Aluminum drops 82.7% in the fourth quarter
Edited by : AL CIRCLE
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Franklin-based Noranda Aluminum Holding Corp.'s earnings were down 82.7 percent in the fourth quarter compared to a year ago, according to the company's latest earnings report.
Earnings were $4.2 million, or 6 cents per basic share, on revenue of $332.9 million. Analysts, on average, had estimated a loss of 3 cents per share on revenue of $332.1 million, according to Thomson Reuters.
Noranda ended 2012 with earnings of $49.5 million, compared to $140.9 million in 2011.
"Our fourth-quarter results reflect continued stable demand with somewhat improved (London Metal Exchange) aluminum prices," said Layle Smith, Noranda's president and CEO, in the company's earnings report. "Although our 2012 results were negatively affected by LME prices that, in real terms, reached points that were among historical lows, we experienced throughout the year stable, solid demand in combination with attractive Midwest and fabrication premiums for our key aluminum products."
Franklin-based Noranda makes aluminum products and high-quality aluminum coils.
Market snapshot: Noranda released its earnings before the markets opened Wednesday. Shares closed Tuesday at $5.71. The stock's 52-week range is $5.38 to $13.18.
Earnings were $4.2 million, or 6 cents per basic share, on revenue of $332.9 million. Analysts, on average, had estimated a loss of 3 cents per share on revenue of $332.1 million, according to Thomson Reuters.
Noranda ended 2012 with earnings of $49.5 million, compared to $140.9 million in 2011.
"Our fourth-quarter results reflect continued stable demand with somewhat improved (London Metal Exchange) aluminum prices," said Layle Smith, Noranda's president and CEO, in the company's earnings report. "Although our 2012 results were negatively affected by LME prices that, in real terms, reached points that were among historical lows, we experienced throughout the year stable, solid demand in combination with attractive Midwest and fabrication premiums for our key aluminum products."
Franklin-based Noranda makes aluminum products and high-quality aluminum coils.
Market snapshot: Noranda released its earnings before the markets opened Wednesday. Shares closed Tuesday at $5.71. The stock's 52-week range is $5.38 to $13.18.
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