Sherritt reports bigger Q4 loss, misses estimates amid asset impairments

TORONTO – Sherritt International Corp. (TSX:S) missed analyst estimates in the fourth quarter as it recognized a $466.8 million impairment loss related to the previously announced sale of its coal business.

As a result of the writedown and other items, the Toronto-based company reported a $38.1 million adjusted net loss in the fourth quarter, equal to 13 cents per share.

Analysts had expected Sherritt’s adjusted earnings would break even

Under standard accounting, Sherritt had a $673.8 million net loss or $2.27 per share in the fourth quarter, including a $136.8 million net loss or 46 cents per share from continuing operations.

In the comparable period of 2012, Sherritt had a $16.9 million net loss, or six cents per share, as $7.2 million or two cents of net income from continuing operations partially offset $24.1 million in losses elsewhere.