Iamgold Loses Early Gains, Now Down 1% as Q2 Profit Falls, But Raises Output forecast
Iamgold (IMG.TO) has lost early gains that saw it touch a day high 18.74 and is now down more than 1% after reporting a drop in Q2 profit. Losses may be capped on better news on the output forecast front.
It said second quarter profit fell around 20% due to lower gold output following the closure of its Doyon mine in Quebec and the processing of lower grade ore in Suriname. But it raised its 2010 gold output forecast to a range of 980,000 to 1.01 million ounces, from between 940,000 and 1 million ounces.
Net income in the quarter fell to $35.7 mln, or 10 cents a share, down from $44.1 mln, or 12 cents a share. Adjusted earnings jumped to $39.1 mln, or 11 cents a share,from $31.5 mln, or 9 cents a share.
Analysts polled by Thomson Reuters I/B/E/S had expected, on average, a profit of 14 cents a share.
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