Toronto-Citing higher Metals earnings, Sherritt International Corporation reported record earnings of C$74.1 million ($0.49 per share) on consolidated revenues of $285.5 million for the third quarter ended Sept. 20, 2006, compared with $26.1 million ($0.17 per share) and $257.3 million, respectively, in the comparable year-ago quarter. Third-quarter EBITDA was $148.3 million, an increase of $23.5 million over the second quarter, and up $48.2 million from the 2005 third quarter. Nine-month earnings for the company were $167 million ($1.10 per share) on revenues of $853.4 million, compared with $115.2 million ($0.77 per share) and $836.9 million, respectively, during the comparable year-ago period. Sherritt’s soybean-based food processing business generated revenue of $14.3 million and EBITDA of $1.5 million in the third quarter, down from year-ago third-quarter revenue of $20.9 million and EBITDA of $1.5 million. The revenue drop was attributed to lower realized prices and volumes, offset by lower procurement and operating costs. Sherritt reported fertilizer revenues of $3.1 million for the quarter and $35.8 million year-to-date, compared with $6.8 million and $45 million, respectively, in 2005. Fertilizer sales volumes were 7,614 mt for the quarter and 107,830 mt year-to-date, compared with 21,039 mt and 143,222 mt, respectively, in 2005. Sherritt said third-quarter granular ammonium sulfate sales were down from last year due to weather, while year-to-date sales were impacted by lower granular ammonium sulfate demand in the spring and lower crystalline ammonium sulfate sales in the first quarter.
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