Lundin Mining (TSX: T.LUN, Stock Forum), after Wednesday’s closing bell, reported first-quarter net income of $58.3 million, or 10 cents a share, compared with $71.2 million, or 12 cents a share, during the same period last year. The Thomson Financial consensus analyst estimate was for earnings of nine cents a share.
Sales of $212.8 million were slightly higher than the $211.5 million in the comparable period in 2011, as average metal prices for copper, zinc and lead were 14%-20% lower than a year earlier. Its net cash as of March 31, 2012, rose to $242.3 from $236.1 million during the fourth quarter.
"We followed up our strong production results from the fourth quarter of 2011 with another quarter of solid performance. Operational improvement programs led by new site management are producing good results, with our operations meeting or exceeding our targets," said Lundin President and CEO Paul Conibear.
Shares of Lundin Mining have gained 18% so far in 2012 to its recent price of $4.57.