Sherritt International Corp. (TSX: T.S, Stock Forum) posted a reduced first-quarter profit and a 20% decline in revenue from the same time last year.
The diversified mining company had $23.1 million of net earnings, or eight cents per share, down from $32.4 million or 11 cents per share in the year-earlier quarter. Revenue was $286.5 million, down from $359.4 million and its shares were eight cents lower to $4.37.
Sherritt is a world leader in mining and refining nickel from lateritic ores with projects and operations in Canada, Cuba, Indonesia and Madagascar. There are no material changes to the 2013 outlook on production, the company said in a press release.
Sherritt International shares eased 1.1% to $4.40 Wednesday, leaving the company with a market cap of $1.3 billion, based on 296.9 million shares outstanding. The 52-week range is $6.17 and $4.17.
(With files from the Canadian Press).