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PrintThompson Creek Metals (TCM.TO) said on Wednesday its first-quarter profit fell 87 percent, as a non-cash $24.5 million accounting charge more than offset the impact of rising molybdenum prices.
The Molybdenum miner earned $1.1 million, or 1 cent a share, in the quarter ended March 31. That compared with a year-before profit of $8.7 million, or 7 cents a share.
Excluding the charge -- taken to account for changes in the fair market value of outstanding common stock purchase warrants -- the company earned 17 cents a share, it said.
Analysts polled by Thomson Reuters I/B/E/S had expected, on average, a profit of 25 cents a share, before exceptional items.
Revenue jumped 62 percent to $127.8 million, as molybdenum prices rose 43 percent on rebounding demand for steel. Molybdenum is used primarily as a steel-hardening agent, and is used extensively in the pipeline industry.
Molybdenum production rose to 8.3 million pounds from 6.1 million pounds.
Thompson Creek reiterated its 2010 production expectations of 29 million to 32 million pounds of molybdenum. (Reuters)
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