Sherritt International Corp. (
TSX: T.S,
Stock Forum) reported a $38.1 million adjusted net loss in the fourth quarter, equal to 13 cents per share as it recognized a $466.8 million impairment loss related to the sale of its coal business.
Analysts had expected Sherritt's adjusted earnings would break even. Sherritt cut its quarterly cash dividend to one cent from about four cents per share.
Its shares fell 8.15% to $3.15.
Full-year 2013 finished nickel and cobalt production increased by 47% and 26% respectively over 2012,
the company said in a press release.