It was the worst of times... So, do you want the good news first, or the bad news?
Good news is that Sherritt is still alive. I was genuinely sceptical it would be at this point.
Bad news is
well let them say it:
- Net loss from continuing operations of $40.9 million, or $(0.10) per share was primarily due to lower average-realized prices(2) for nickel, cobalt and fertilizers, partly offset by higher nickel sales volumes.
- Adjusted net loss from continuing operations(2) was $24.6 million or $(0.06) per share, which excludes a non-cash $9.1 million revaluation loss on the net receivable pursuant to the Cobalt Swap on updates to valuation assumptions and $3.5 million of severance costs on the restructuring.
Overall revenue down by a third.
A 21 million dollar profit turned into a 22 million dollar loss, quarter vs quarter.
Net loss per share e x p l o d e d from 3 cents to 10 cents.
However, the sun is still shining and Sherritt lives to fight another quarter. It is however going backwards as it does so.