26 OCTOBER 2012Bizjournals.com
Noranda Aluminum posts $3.8M 3Q earnings
Edited by : AL CIRCLE
1 min read
Noranda Aluminum Holding Corp.'s earnings dropped sharply in the third quarter over the previous year, though the company beat analyst expectations.
The company (NYSE: NOR) reported earnings of $3.8 million on revenue of $336 million for the quarter ended Sept. 30. Those numbers were far higher, at $30.8 million and more than $400 million, respectively, in the same time period last year.
This comes on the heels of dropping profits in the second quarter as well, and management again cited dropping metal prices as a major culprit. President and CEO Kip Smith also cited production disruptions due to Hurricane Isaac, but said the company is prudently managing its costs amid low prices and knows it must be able to deal with outside events.
"Our third quarter 2012 results reflect (London Metal Exchange) levels which reached near historical lows during the quarter and we are prudently managing our balance sheet and cost structure through the current LME environment," Smith said in a statement.
This quarter's earnings came out to diluted earnings per share of 5 cents, compared to 45 cents a year ago. Analysts, on average, had anticipated a loss of 20 cents per share on revenue of $326 million.
The company (NYSE: NOR) reported earnings of $3.8 million on revenue of $336 million for the quarter ended Sept. 30. Those numbers were far higher, at $30.8 million and more than $400 million, respectively, in the same time period last year.
This comes on the heels of dropping profits in the second quarter as well, and management again cited dropping metal prices as a major culprit. President and CEO Kip Smith also cited production disruptions due to Hurricane Isaac, but said the company is prudently managing its costs amid low prices and knows it must be able to deal with outside events.
"Our third quarter 2012 results reflect (London Metal Exchange) levels which reached near historical lows during the quarter and we are prudently managing our balance sheet and cost structure through the current LME environment," Smith said in a statement.
This quarter's earnings came out to diluted earnings per share of 5 cents, compared to 45 cents a year ago. Analysts, on average, had anticipated a loss of 20 cents per share on revenue of $326 million.
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