Stinky earnings The net loss in Q4 was -$51.7M, but if you remove the Santander impairment of $43.6M, you get a loss of -$8.1M.
The settlement mark-to-market gain was only $1.0M, and I was expecting closer to $3M, but these settlements are always difficult to predict.
There was a $7.3 million mark-to-market loss on financial instruments which included $4.2 million for the revaluation of the zinc forward swaps. I was expecting the loss on hedges to be closer to $3M, but $4.2M was close.
How did the Q4 earnings estimates stack up against the actual loss of -$8.1M?
AlfTanner: $7M (range of $4M to $10M)
LuvtoInvest: $11.8M (before tax)
MoneyMan: $25.8M (before tax)
I was the closest, but I was still off by $15.1M. This company never fails to disappoint.