Q2 2024 Sherritt International Corp Earnings Call Transcript
Key Points
- Nickel production was strong in the quarter, with sales exceeding production, reducing inventory.
- Second quarter net direct cash costs improved to USD5.75 per pound, benefiting from lower mining, processing, and refining costs.
- Electricity production increased by 19% year-over-year due to additional gas from new wells.
- Sherritt received $5 million in dividends from Energas in Canada, contributing to a liquidity of $56 million at quarter end.
- The company released its 16th annual sustainability report, highlighting commitments to safety, carbon intensity reduction, and community impact.
- Consolidated revenue for the second quarter was $51.4 million, significantly lower than $93.5 million in Q2 2023.
- Average realized prices for nickel, cobalt, and fertilizers were lower year-over-year by 17%, 12%, and 19%, respectively.
- Net loss from continuing operations was $11.5 million, or a loss of $0.03 per share.
- Lower cobalt sales due to the timing of the Cobalt Swap distributions impacted revenue.
- Unit operating costs for electricity production were higher due to scheduled maintenance activities.
Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Sherritt International Second Quarter 2024 Results Conference Call and Webcast. (Operator Instructions) I would like to remind everyone that this conference call is being recorded today, Tuesday, July 30, 2024, at 10:00 AM Eastern Time.
I will now turn the presentation over to Tom Halton, Director Investor Relations. Please go ahead.
Thank you, operator, and welcome, everyone, to Sherritt's Second Quarter 2024 Conference Call. We released our second quarter results last night. Our press release, MD&A and financial statements are available on our website and on SEDAR+.
During today's call, we will be referring to our presentation that is available on our website and on today's webcast. We will be making forward-looking statements and references to certain non-GAAP financial measures. So please refer to the cautionary notes on slide 3 of our presentation as well as the material assumptions and
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
