Zinc producer Horsehead Holding Corp. (ZINC) Monday reported first-quarter net income of $2.8 million or $0.06 per share, compared with net loss of $8.5 million or $0.19 per share last year.
Excluding items, adjusted earnings for the quarter were $2.3 million or $0.05 per share, compared with $2.1 million or $0.05 per share a year ago.
On average, four analysts polled by Thomson Reuters estimated earnings of $0.05 per share for the quarter. Analysts' estimates typically exclude special items.
The LME zinc price was about the same for both quarters, while nickel prices were 12 percent lower in the current quarter.
"Our adjusted earnings improved compared with the prior year's quarter as higher realized premiums to the LME zinc price more than offset reduced volume of shipments," the company said.
Net sales for the quarter were higher at $118 million, compared with $111 million in the prior year, while analysts estimated sales of $113.69 million.
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