Sandfire Resources' (ASX:SFR) fiscal second-quarter revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) beat expectations, despite softer-than-forecast production and sales results, according to a Jan. 31, note by Jarden Research.
Revenue for the quarter reached $290 million, a 1% increase compared to Jarden's estimate of $288 million and underlying EBITDA amounted to $153 million, reflecting a 6% increase versus Jarden's forecast of $145 million, Jarden said.
The strong results also led to a $57 million decrease in net debt, Jarden added.
The broker sees advancements in the revised Black Butte feasibility study at Sandfire's US plant as a key potential catalyst leading up to a possible final investment decision.
The firm maintained SFX's buy rating and AU$11 price target.
Shares of the company rose nearly 2% at market close.
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