OTTAWA (dpa-AFX) - IAMGOLD Corp. (IAG, IMG.TO) reported second-quarter adjusted net earnings from continuing operations attributable to equity holders of $5.9 million or $0.01 per share, up from an adjusted net loss of $30.8 million or $0.08 per share for the same prior year period. On average, nine analysts polled by Thomson Reuters expected the company to report a loss per share of $0.02 for the quarter. Analysts' estimates typically exclude special items.
Net loss from continuing operations attributable to equity holders for the second quarter 2016 was $12.2 million or $0.03 per share, compared to a loss of $19.7 million or $0.05 per share, prior year.
Revenues from continuing operations were $232.5 million, up 3% from the same prior year period. The company said the increase was mainly due to a higher realized gold price and higher sales volume at Essakane, partially offset by lower sales volume at Westwood and Rosebel. Analysts expected revenue of $245.68 million for the quarter.
Steve Letwin, IAMGOLD CEO, said, 'The second quarter thrust us back into an earnings position and operating cash flow rose 125%. Positive support for a higher gold price continued in the quarter, with significant strengthening in June in anticipation of Brexit. Higher gold prices and lower cash costs drove margins up 36% from the previous year, as we continued our focus on cost reduction and productivity improvement. Operating performance continues to be in line with our expectations. With year-to-date production of 388,000 ounces and unit costs expected to be lower in the next two quarters, we remain confident in our guidance for the year.'
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