EmailStillwater Mining (SWC $21.63 -2.09) guides second quarter
revenue of $222.6 million versus the $201.49 million Capital IQ Consensus
Estimate and also raised the fiscal year 2011 production guidance.
While the financial close of the second quarter is not yet complete, the co
currently expects to report total revenues for the second quarter of $222.6
million versus the $201.5 million consensus, including $139.7 million from sales
of mined production and $82.9 million from recycling. Second quarter mined
production of palladium and platinum totaled 142,700 ounces, an increase of
26.7% year/year and 8.8% more than the first quarter.
Based on updated estimates, the Company is increasing its 2011 annual forecast
for mined palladium and platinum production to 515,000 ounces from its original
guidance of 500,000 ounces. Although the company believes that production for
2011 is likely to be higher than originally planned, this cautious increase
recognizes that mining conditions at both mines may be more difficult during the
second half.
Combined sales realizations for mined palladium and platinum increased to $964
per ounce for the quarter, a significant increase from the $725 per ounce
realized during the second quarter of 2010 and slightly less than the $994 per
ounce realized during the first quarter of 2011. The company processed recycling
material containing 125,200 ounces of palladium, platinum and rhodium at its
smelter and refinery during the second quarter, up from 99,200 ounces recycled
during the second quarter of 2010 and up from 115,600 ounces fed during the
first quarter of 2011.
than one year.
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