Iamgold Q4 Loss Widens

(RTTNews) - Iamgold Corp. (IMG.TO, IAG) reported that its fourth-quarter net loss from continuing operations attributable to equity holders widened to $303.8 million or $0.65 per share, from $39.5 million, or $0.08 per share from the same prior year period. The wider loss was primarily due to impairment charges, net of reversal and higher other expenses, partially offset by lower foreign exchange loss.

Adjusted net loss attributable to equity holders for the fourth quarter was $0.6 million or $0.00 per share, compared to adjusted net loss of $16.1 million or $0.03 per share in the same prior year period.

Revenues from continuing operations for the fourth quarter 2019 were $293.4 million, up $19.1 million or 7% from the same prior year period. The increase was due to a higher realized gold price and higher sales volumes at Essakane and Westwood, partially offset by lower sales volume at Rosebel.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.01 per share and revenues of $301.19 million for the quarter. Analysts' estimates typically exclude special items.

The company expects 2021 attributable gold production to be in the range of 760,000 to 840,000 ounces, about 10% higher than the expected 2020 production levels.