Stock Alert: A-Mark Precious Metals Up Following Quarterly Results

(RTTNews) - Shares of metals trading company A-Mark Precious Metals, Inc. (AMRK) are rising more than 5% Thursday morning following robust third-quarter results.

The company reported net income of $76.6 million or $8.84 per share in the third quarter compared with $11.3 million or $1.61 per share in the prior-year quarter. Analysts expected the company to report earnings of $2.88 per share.

Revenues for the quarter increased 63% to $2.05 billion from $1.26 billion in the same quarter a year ago.

"The A-Mark team has executed exceptionally well to capitalize on the secular tailwinds that are driving precious metals volume. In particular, the growing demand for silver and gold products from wholesale and retail customers, coupled with tight supply, resulted in continued high premium spreads," said A-Mark CEO Greg Roberts.

AMRK touched a new high of $46 this morning, before sliding to trade at $41.51 currently.