[{"text": "Inco Ltd. posted a 35% decline in third-quarter net income, a performance that was in line with analysts' expectations."}, {"text": "The nickel producer also raised its quarterly dividend to 25 cents a share from 20 cents and said it may buy back as much as 4.8% of its common outstanding."}, {"text": "Inco shares fell after the announcements."}, {"text": "Analysts said some investors were disappointed that the cash-rich company had failed to announce a special dividend."}, {"text": "Inco closed at $31.125 a share, down 62.5 cents, in New York Stock Exchange composite trading."}, {"text": "Some analysts said Inco, which had cash reserves of $272 million as of Sept. 30, could still announce a special dividend in the next few months, though it would be smaller than the $10-a-share special dividend it paid last year."}, {"text": "The quarterly dividend is payable Dec. 1 to shares of record Nov. 3."}, {"text": "Inco's net fell to $129.3 million, or $1.23 a share, in the third quarter from $200.3 million, or $1.88 a share, a year earlier."}, {"text": "Sales rose 8.2% to $848.7 million from $784.5 million."}, {"text": "Excluding special gains from tax-loss carry-forwards, earnings in the latest quarter were $117.7 million, or $1.12 a share, compared with $187.4 million, or $1.76 a share."}, {"text": "Inco said the drop in earnings resulted mainly from lower nickel prices for the period and a temporary cut in nickel output at the company's Manitoba operations due to high levels of arsenic in the ore."}, {"text": "Inco said it plans to buy back as many as five million common shares over the next 12 months if nickel market conditions are favorable."}, {"text": "Under a previous buyback program, Inco has purchased 1.7 million of its shares since April."}]