Noranda Aluminum Holding Co declared a regular quarterly cash dividend for the first time and posted market-topping quarterly revenue, sending its shares up as much as 15 percent.
The company declared a regular quarterly cash dividend of 3 cents a share and a supplemental cash dividend of $1 per share, to be paid on November 22 to shareholders on record as of November 14.
Third-quarter revenue beat analysts' estimates on higher realized prices and shipment volumes of aluminium and bauxite but adjusted earnings fell short by 2 cents.
Noranda operates a mine in Jamaica to produce bauxite that is refined into alumina at its Gramercy, Louisiana facility. The alumina is then smelted into aluminum at Noranda's smelter near New Madrid, Missouri.
Third-quarter net income was $30.8 million, or 45 cents per share, compared with $25.2 million, or 45 cents per share, a year ago.
Excluding items, profit was 21 cents per share.
Sales for third quarter rose 22 percent to $400.4 million.
Analysts were expecting earnings of 23 cents a share on revenue of $363.9 million, according to Thomson Reuters I/B/E/S.
Noranda 's shares were trading at $ on Wednesday on the New York Stock Exchange.
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