Kinross Gold Corp. (K.TO, KGC) reported its fourth quarter net earnings of US$235.6 million or US$0.34 per share, compared to a loss of US$968.8 million or US$1.47 per share in the same period last year.
Adjusted net earnings for the quarter was US$148.6 million or US$0.21 per share, compared to US$56.8 million or US$0.09 per share in the previous year period.
On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of US$0.16 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue from metal sales for the quarter increased 44% to US$699.0 million from US$484.4 million in the corresponding period last year. Four analysts had a consensus revenues estimate of US$662.82 million for the quarter
Kinross said it has entered into an agreement with Barrick Gold Corp. (ABX, ABX.TO) to sell one-half of its 50% interest in the Cerro Casale project in Chile to Barrick for a total value of US$475 million, comprising US$455 million in cash, plus the assumption by Barrick of a US$20 million contingent obligation.
The company said that its Board of Directors declared a dividend of US$0.05 per share payable on March 31, 2010 to shareholders of record on March 24, 2010.
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