IAMGOLD Corp. Reports Profit In Q1 - Quick Facts

(RTTNews) - IAMGOLD Corp. (IAG, IMG.TO) reported net earnings from continuing operations attributable to equity holders for the first quarter 2016 of $53.1 million or $0.13 per share, compared to a loss of $16.5 million or $0.04 per share, prior year. The company said the increase was mainly due to the gain on sale of gold bullion, lower derivative losses, lower cost of sales, lower income tax expense and lower exploration expenses.

Adjusted net loss from continuing operations attributable to equity holders for the first quarter 2016 was $7.3 million or $0.02 per share, compared to an adjusted net loss of $29.5 million or $0.08 per share for the same prior year period.

Revenues from continuing operations for the first quarter 2016 were $219.7 million, down 10% from the same prior year period due to lower sales volume at Rosebel and Westwood and a lower realized gold price, partially offset by higher sales volume at Essakane. Attributable gold production, inclusive of joint venture operations, for the first quarter 2016 was 191,000 ounces, down 17,000 ounces from the same prior year period.

The company maintained its 2016 production guidance of 770,000 to 800,000 attributable ounces at all-in sustaining costs of $1,000 to $1,100 an ounce.