Earnings wrap: Nashville Bank & Trust, Noranda

Young bank posts strong numbers, aluminum firm issues preliminary range

Email | Print By Geert De Lombaerde

Franklin-based aluminum maker Noranda and Nashville Bank & Trust on Tuesday reported third-quarter results. Nashville B&T earned $230,000 during the three months ended Sept. 30, more than triple the year-ago number. Assets grew 10 percent during that time to $166 million. Year to date profits were $475,000, up 31 percent from 2008.

Noranda issued a premilinary set of numbers with a range for operating and net income. It expcects the latter to come in between $1 million and $8 million versus a loss of $22.4 million a year ago. The gain is due almost entirely to a $28 million gain on the buyback of $81 million of debt.

Revenues will be $218 million, down from $357 million last year, but up nicely from the second quarter as both upstream and downstream shipments rose from the spring. The Franklin-based company will report its full numbers next week.