Lundin Mining Slightly Lower Despite Q1 Profit Increase
Lundin Mining (LUN.TO), which may put itself up for sale after its planned merger with rival Inmet Mining (IMN.TO) collapsed, is slightly lower despite saying net income in the first quarter rose to $71.2 million or 12 cents a share, from $51.9 million or 9 cents on higher metal prices and increased production. The share price losses may reflect that the fact that the broader stock market is well down in early trading.
Excluding one-time items, Lundin earnings rose to 14 cents a share, up from 6 cents, a year earlier.
Analysts, on average, had forecast earnings of 21 cents a share, according to Thomson Reuters I/B/E/S.
According to Reuters, the company said its quarter-end inventories were above normal and this will likely result in higher sales and earnings in the second-quarter of this year.
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