Kinross Gold adjusted earnings fall to US$32.9 million, miss estimates

TORONTO – Kinross Gold Corp. (TSX:K) had US$32.9 million of adjusted earnings in the second quarter, down 72 per cent from the same time last year and below analyst estimates.

The Toronto-based company attributed the reduced adjusted earnings to lower gold prices during the quarter. The average price that Kinross received was US$1,285 per ounce sold, down from US$1,394 an ounce in the second quarter of 2013.

Its revenue was US$911.9 million, down from US$968 million a year before.

The adjusted earnings amounted to three cents per Kinross share, which was two cents below analyst estimates of five cents per share and down from US$119.5 million or 10 cents per share reported by the company a year earlier.

Last year’s second-quarter included a massive $2.433-billion writedown of Kinross’s assets but there were no impairments recorded in this year’s comparable period.

Kinross had $46 million of net income before adjustments, or four cents per share, in the three months ended June 30, compared with a 2013 second-quarter net loss of $2.17 per share or $2.48 billion.