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Inco reports record earnings for third quarter 2006 (All dollar amounts are expressed in U.S. currency TORONTO, Oct. 20 /PRNewswire-FirstCall/ - Inco Limited today reported the highest ever quarterly earnings in the company's 104-year history. Earnings on an adjusted basis for the third quarter of 2006 were over four times the earnings for the third quarter of 2005, while earnings in accordance with Canadian generally accepted accounting principles ("Canadian GAAP") were eleven times the earnings for the third quarter of 2005.
Adjusted net earnings(1) for the third quarter of 2006 were $653 million or $3.13 per share ($2.87 per share on a diluted basis(2)), compared with adjusted net earnings of $159 million or 84 cents per share (71 cents per share on a diluted basis) for the third quarter of 2005. Net earnings for the third quarter of 2006 in accordance with Canadian GAAP were a record $701 million or $3.36 per share ($3.08 per share on a diluted basis), compared with net earnings of $64 million or 34 cents per share (29 cents per share on a diluted basis) for the third quarter of 2005. The principal adjustment made in arriving at adjusted net earnings for the third quarter of 2006 was the exclusion of net takeover-related income of $109 million after taxes.
"Our record quarterly earnings reflect the unprecedented sustained strength we've seen in the nickel market, combined with strong production from our operations," said Inco Chairman and CEO Scott Hand.
MRE Price at posting:
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