SHERRITT INTERNATIONAL $5.58 (Toronto symbol S; TSINetwork Rating: Speculative) (1-800-704-6698; www.sherritt.com;
Shares outstanding: 296.7 million; Market cap: $1.7 billion; Dividend yield: 2.7%) reports that its revenue rose 10.6% in the three months ended December 31, 2011, to $536.8 million from $485.2 million a year earlier.
Despite the higher revenue, earnings fell 34.2%, to $28.1 million, or $0.10 a share, from $42.7 million, or $0.15 a share. However, without one-time items, such as a charge for the early redemption of debentures, Sherritt would have earned $0.19 in the latest quarter.
The company’s long-term debt of $1.7 billion is equal to its market cap. However, Sherritt does hold cash of $631.4 million, or $2.13 a share.
Sherritt needs an improving global economy to fuel commodity demand. But its low production costs and its ongoing geographic diversification enhance its prospects.
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