Thompson Creek posts lower Q3 profit
The molybdenum miner, posted a decline in adjusted profit in the third quarter as output fell and a non-cash foreign exchange loss hit earnings.
Molybdenum miner Thompson Creek Metals reported a lower adjusted profit on Monday, as production fell in the third quarter and a non-cash foreign exchange loss hit earnings.
Net income in the quarter ended Sept. 30. was $45.6 million or 27 cents a share, up from from a year-ago profit of $31.1 million, or 22 cents a share. Net income was boosted by a non-cash, unrealized gain on common stock warrants.
Excluding one-time items, earnings in the quarter were $3.6 million or 2 cents a share, compared with $51.6 million, or 37 cents a basic share.
Thompson Creek, which owns the Thompson Creek mine in Idaho and the Endako mine in British Columbia, was hit by a $23.9 million foreign exchange loss, as the U.S. dollar strengthened against the Canadian dollar.
Revenue in the quarter fell 4 percent to $154.8 million on lower sales volumes. Production dropped to 3.7 million pounds from 8 million pounds in the year earlier quarter.