August 3, 2011 / 12:42 PM / in 6 years

UPDATE 1-Stillwater Mining Q2 profit jumps on strong platinum prices

* Q2 EPS $0.39 vs last yr $0.15

* Q2 rev up 65 pct to $222.6 mln (Follows alerts)

Aug 3 (Reuters) - Stillwater Mining Co’s second-quarter net profit almost tripled on higher production and strong platinum prices and the platinum and palladium producer raised its production outlook for the year.

The company, which said in July that it plans to buy Canada’s Peregrine Metals , forecast annual mined palladium and platinum output of 515,000 ounces, up from its prior view of 500,000 ounces.

“We continue to benefit from robust PGM (platinum-group metals), and specifically palladium, market dynamics and believe a favorable outlook continues,” Chief Executive Francis McAllister said in a statement.

Ounces sold from mine production rose 17 percent in the quarter, while average realized prices rose 33 percent.

For April-June, the Columbus, Montana-based company posted a net profit of $42.7 million, or 39 cents a share, up from $14.6 million, or 15 cents a share, last year.

Revenue rose 65 percent to $222.6 million.

Stillwater Mining shares closed at $14.76 on Tuesday on the New York Stock Exchange. (Reporting by Vaishnavi Bala in Bangalore; Editing by Viraj Nair) ((vaishnavi.bala@thomsonreuters.com within U.S. +1 646 223 8780 outside U.S. +91 80 4135 5800 Reuters Messaging:vaishnavi.bala.reuters.com@reuters.net)

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