Stillwater Mining Swings To Profit In Q3

(RTTNews) - Stillwater Mining Co. (SWC) Friday announced a swing to net profit attributable in the third quarter to $12.599 million from loss of $11.878 million in the previous year. On a per share basis, earnings were $0.10 compared to loss of $0.10 last year.

On average, 6 analysts polled by Thomson Reuters expected the company to earn $0.06 per share. Analysts estimates usually exclude special items.

Revenue for the quarter climbed to $196.62 million from $168.44 million in the previous year. Wall Street expected the company to record revenue of $175.4 million.

Mick McMullen, president and chief executive officer said, "We now anticipate that Blitz will add between 270,000 and 330,000 ounces of mine production annually when fully ramped up by 2021-2022."

Looking ahead to the full year 2016, the company confirmed the production guidance. Sales of PGM mined ounces is continued to be expected in a range of $545 to $555 thousand.