IAMGOLD Profit Tumbles 68% On Lower Gold Price, Yet Tops Estimates

(RTTNews) - Canadian gold producer IAMGOLD Corp. (IAG, IMG.TO) Tuesday reported third-quarter net income to equity holders of $25 million or $0.07 per share compared with $78 million or $0.21 per share last year.

Excluding items, adjusted earnings for the quarter were $26 million or $0.07 per share compared with $60 million or $0.16 per share a year ago.

Revenues for the quarter were lower by 13% at $293.5 million compared with $336 million in the prior year, hurt by lower gold prices.

Analysts polled by Thomson Reuters estimated earnings of $0.06 per share on revenues of $291.88 million for the quarter. Analysts' estimates typically exclude special items.

Average realized gold price for the quarter fell 20% to $1,334 per ounce from $1,670 per ounce last year.

Sales volume meanwhile climbed 4 percent to 195 thousand ounces from 188 thousand ounces a year ago.

Looking ahead to fiscal year 2013, the company still expects to produce 875 thousand to 950 thousand ounces of gold.