Summary Box: Newmont Mining’s 4Q profit soars
GOLDEN OPPORTUNITY: Newmont Mining Corp.’s fourth-quarter profit jumped as gold and copper prices surged.
PRICE ADVANTAGE: Commodity prices have benefited from low U.S. interest rates, which make the dollar less attractive to investors. Since commodities are priced in dollars, they become more appealing to foreign buyers whose currencies are stronger against the dollar.
OUTLOOK: Newmont, based in Denver, predicts its 2010 equity gold production will rise slightly to between 5.3 and 5.5 million ounces. [Read the full article]
Post Properties, Inc. (NYSE: PPS – News), an Atlanta-based real estate investment trust, today announced quarterly dividends on its common stock of $0.20 per share for the first quarter of 2010. The dividend is payable on April 15, 2010 to all common stock shareholders of record as of March 31, 2010.
Post also announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock and its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock.
On its 8.5 percent Series A Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $1.0625 per share for the first quarter. The dividend is payable on March 31, 2010 to all Series A preferred stock shareholders of record as of March 15, 2010. [Read the full article]
MGE Energy, Inc. (Nasdaq: MGEE – News) today reported earnings for the three months ended Dec.31, 2009, of $13.4 million or 58 cents per share, compared to $11.1 million or 49 cents per share for the same period in the prior year. MGE Energy reported earnings for the twelve months ended Dec.31, 2009, of $51.0 million or $2.21 per share, compared to $52.8 million or $2.38 per share for the same period in the prior year.
Earnings for the twelve months ended Dec 31, 2009, were adversely affected by a 3.9% decrease in electric revenue. This decrease reflected lower customer demand primarily as a result of cooler-than-normal weather last summer and the downturn in the economy. According to the National Weather Service, July 2009 was the coolest on record in Madison, where MGE’s primary service territory resides. [Read the full article]
Brigham Exploration Co. said late Wednesday it moved to a profit in the fourth quarter as oil prices rebounded.
The Austin, Texas, oil and natural gas driller reported profit of $2.5 million, or 3 cents a share, compared with a loss of $181 million, or $3.95 a share, in the same part of 2008, when Brigham was forced to write down the value of assets to reflect a plunge in energy prices.
Excluding losses from investments made to smooth out fluctuations in oil prices, Brigham said it earned $3.8 million, or 4 cents a share, in the fourth quarter. That was in line with analyst expectations, according to a Thomson Reuters survey.
Revenue fell 30 percent to $21.5 million in the fourth quarter. Analysts predicted revenue of $22.2 million.
For the full year, Brigham posted a loss of $123 million, or $1.74 a share, compared with a loss of $162 million, or $3.57 a share, in 2008. Annual revenue fell 45 percent to $70.3 million. [Read the full article]