Published on 24 Jan 2024 on Zacks via Yahoo Finance

IAMGOLD (IAG) 2023 Production Meets Its Guidance, Declines Y/Y

IAMGOLD Corporation IAG reported attributable gold production of 465,000 ounces for 2023, which declined 35% year over year but came at the top end of its guidance of 410,000-470,000 ounces.Attributable gold production for Essakane was 372,000 ounces in 2023, in line with the guidance of 340,000-380,000 ounces. At Westwood, annual attributable gold production was 93,000 ounces, surpassing the guidance of 170,000-90,000 ounces.The company announced that Côté Gold's commissioning activities are continuing efficiently, with the primary crusher circuit starting up. The initial production date remains set for March 2024.The company posted an adjusted loss of 1 cent per share in the third quarter  of 2023, beating the Zacks Consensus Estimate of a loss of 2 cents. IAG reported a loss of 5 cents in the year-ago quarter.Revenues decreased 11.8% year over year to $225 million in the third quarter  of 2023. The decline was driven by a lower sales volume, partially offset by higher realized gold prices.

IAG has an average trailing four-quarter earnings surprise of 87.5%. The Zacks Consensus Estimate for its fourth quarter 2023 earnings is pegged at 3 cents per share. The same for revenues is pegged at $940 million.

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