Kinross Gold Profit Misses Estimate As Revenue Falls

(RTTNews) - Canadian gold miner Kinross Gold Corp (KGC, K.TO) Wednesday reported second-quarter net earnings of $46 million or $0.04 per share. This compares with a loss of $2.5 billion or $2.17 per share last year, when the company recorded hefty impairment charges.

Excluding items, adjusted earnings for the quarter were $0.03 per share. Analysts polled by Thomson Reuters projected earnings of $0.05 per share for the quarter.

Revenue for the quarter was lower at $912 million, compared with $968 million in the prior year. Analysts projected revenue of $847.2 million.

Production for the quarter climbed to 679,831 gold equivalent ounces from 655,381 ounces a year ago.

Results were largely offset by average realized gold price that slid to $1,285 per ounce from $1,394 per ounce last year.

For fiscal year 2014, the company expects to be within its production guidance of 2.5 to 2.7 million gold equivalent ounces.