Stillwater Mining Co., which mines and refines palladium, platinum and associated minerals, said Friday it swung to profit in the fourth quarter, due to growth in its precious metal recycling business and higher platinum prices.
The company said it posted a quarterly profit of $2.8 million, or 3 cents per share, compared with a loss of $2.9 million, or 3 cents per share, during the same period in 2005. Revenue grew 31 percent to $175.5 million from $133.7 million.
Analysts polled by Thomson Financial forecast a profit of 5 cents per share.
The company said the overall average realized price for its mined metals rose to $499 per ounce from $468 per ounce during the same period a year earlier. It sold 164,800 ounces in the quarter, compared with 130,800 ounces in the year-ago period.
Stillwater Mining also said it processed about 104,000 ounces of platinum-group metal from recycled catalytic materials, compared with 56,000 during the same period in 2005.
For the full year, Stillwater Mining swung to a profit of $7.9 million, or 9 cents per share, from a loss of $13.9 million, or 15 cents per share, in 2005. Revenue rose 21 percent to $613.1 million from $507.5 million.
Shares fell 24 cents to $14.39 in morning trading on the New York Stock Exchange.
AP
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Stillwater Mining Swings to Profit on Growth in Its Recycling Business, Stronger Pricing
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