Kinross Gold Corp. (K.TO,KGC) Wednesday reported first quarter net earnings of $31.8 million or $0.03 per share, compared to net earnings of $162.4 million or $0.14 per share a year ago.
Adjusted net earnings for the quarter declined to $34.1 million or $0.03 per share from $172.4 million or $0.15 per share in the prior-year quarter. On average, nineteen analysts polled by Thomson Reuters expected earnings of $0.03 per share for the quarter. Analysts' estimates typically exclude one-time items.
Kinross Gold's first quarter revenue declined to $817.4 million from $1,058.1 million in the corresponding quarter last year, due mainly due to lower average realized gold price for the quarter. Eight analysts had a consensus revenue estimate of $789.88 million for the quarter.
For the first quarter, Kinross Gold produced 664,690 gold equivalent ounces, compared to 648,897 ounces in the same quarter last year.
Looking ahead, Kinross Gold expects to be within its 2014 forecast guidance for production of 2.5 million to 2.7 million gold equivalent ounces, production cost of sales of $730 to 780 per gold equivalent ounces sold, all-in sustaining cost of $950 to 1,050 per gold equivalent ounces sold, and total capital expenditures of $675 million.
Kinross Gold closed Wednesday's regular trade at $3.99, down $0.09 or 2.21%, on a volume of 7.71 million shares on the NYSE.
The stock closed at C4.36, down C$0.08 or 1.80%, on a volume of 1.74 million shares on the Toronto Stock Exchange.
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