Iamgold Corp. (IAG - Free Report) posted loss of $18 million or 4 cents per share in the first quarter of 2017, compared with a profit of $53.1 million or 13 cents recorded a year ago.
Barring one-time items, adjusted earnings came in at a penny per share for the quarter, compared with a loss of 2 cents a year ago. Earnings compared favorably with the Zacks Consensus Estimate of a loss of 2 cents.
Sales rose roughly 18.6% year over year to $260.5 million in the first quarter 2017. Sales benefitted from increased sales volume at Westwood, Rosebel and Essakane and a higher realized gold price.
Iamgold Corporation Price, Consensus and EPS Surprise
Operational Performance
Attributable gold production was 214,000 ounces for the quarter, up 12% year over year. Cost of sales was $225.5 million in the reported quarter, up 5.7% due to higher operating costs, higher depreciation and higher royalty expense. Margin per gold equivalent ounce sold was $464, up 5% year over year.
All-in sustaining costs fell to $992 per ounce in the quarter from $1,084 per ounce a year ago.
Financial Review
Net cash from operating activities was $68.3 million, up 32.9% from $51.4 million in the prior-year quarter. Cash and cash equivalents and restricted cash was $1,184.7 million for the reported quarter.
Outlook
The company expects gold production in 2017 to be 845,000 to 885,000 ounces. Also, total cash cost is expected to be between $740 and $780 per ounce. All-in sustaining cost is anticipated between $1,000 and $1,080 an ounce. Capital expenditures is expected to be around $250 million.
Price Performance
Iamgold has outperformed the Zacks categorized Mining-Gold industry in the last six months. The company’s shares returned around 16% over this period, compared with roughly 10% gain recorded by the industry.
Zacks Rank & Key Picks
Iamgold currently carries a Zacks Rank #3 (Hold).
Some better-ranked companies in the basic material space include BASF SE (BASFY - Free Report) , The Chemours Company (CC - Free Report) and Kronos Worldwide Inc (KRO - Free Report) . All the three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
BASF has expected long-term growth of 8.6%.
Chemours has expected long-term growth of 15.5%.
Kronos has expected long-term growth of 5%.
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Iamgold Corp. (IAG - Free Report) posted loss of $18 million or 4 cents per share in the first quarter of 2017, compared with a profit of $53.1 million or 13 cents recorded a year ago.
Barring one-time items, adjusted earnings came in at a penny per share for the quarter, compared with a loss of 2 cents a year ago. Earnings compared favorably with the Zacks Consensus Estimate of a loss of 2 cents.
Sales rose roughly 18.6% year over year to $260.5 million in the first quarter 2017. Sales benefitted from increased sales volume at Westwood, Rosebel and Essakane and a higher realized gold price.
Iamgold Corporation Price, Consensus and EPS Surprise
Operational Performance
Attributable gold production was 214,000 ounces for the quarter, up 12% year over year. Cost of sales was $225.5 million in the reported quarter, up 5.7% due to higher operating costs, higher depreciation and higher royalty expense. Margin per gold equivalent ounce sold was $464, up 5% year over year.
All-in sustaining costs fell to $992 per ounce in the quarter from $1,084 per ounce a year ago.
Financial Review
Net cash from operating activities was $68.3 million, up 32.9% from $51.4 million in the prior-year quarter. Cash and cash equivalents and restricted cash was $1,184.7 million for the reported quarter.
Outlook
The company expects gold production in 2017 to be 845,000 to 885,000 ounces. Also, total cash cost is expected to be between $740 and $780 per ounce. All-in sustaining cost is anticipated between $1,000 and $1,080 an ounce. Capital expenditures is expected to be around $250 million.
Price Performance
Iamgold has outperformed the Zacks categorized Mining-Gold industry in the last six months. The company’s shares returned around 16% over this period, compared with roughly 10% gain recorded by the industry.
Zacks Rank & Key Picks
Iamgold currently carries a Zacks Rank #3 (Hold).
Some better-ranked companies in the basic material space include BASF SE (BASFY - Free Report) , The Chemours Company (CC - Free Report) and Kronos Worldwide Inc (KRO - Free Report) . All the three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
BASF has expected long-term growth of 8.6%.
Chemours has expected long-term growth of 15.5%.
Kronos has expected long-term growth of 5%.
5 Trades Could Profit "Big-League" from Trump Policies
If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.
Today Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure. See these buy recommendations now >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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