CVRD Exceeds Forecasts

Brazilian iron ore miner Companhia Vale do Rio Doce(RIO Quote) reported a surge in third-quarter profits on the back of good volumes and strong prices.

The firm said it earned $2.94 billion in the three months ended Sept. 30, up 23.5% from a pro forma $2.38 billion a year earlier, which assumes Canadian nickel miner Inco had been part of the combined firm for the period. CVRD purchased Inco in November 2006 after a lengthy bidding war involving multiple companies making a variety of proposals.

CVRD's profit for the latest quarter equates to 60 cents a share and was 9 cents ahead of consensus estimates. ...