Iamgold Corp. IAG just released its fourth quarter fiscal 2016 earnings results, posting earnings of $0.01 per share and revenue of $252.5 million.
IAG was down 0.23% to $4.40 in after-hours trading shortly after its earnings report was released.
Currently, IAG has a Zacks Rank #3 (Hold), but it is subject to change following the release of the company’s latest earnings report. Here are 5 key statistics from this just announced report below.
Beat earnings estimates. The company posted earnings of $0.01 cents per share, beating our Zacks Consensus Estimate of $0.00 per share.
Beat revenue estimates. The company saw revenue figures of $252.5 million, beating our estimate of $248.0 billion.
Iamgold increased their gross profit by $156.8 million to $102.2 million for full year 2016.
In 2016 the company initiated several movements to optimize operating margin. Initiatives included commissioning an intensive leach reactor in Q2 and a carbon fines treatment plant was also commissioned in Q2.
This optimization reduces costs and increases efficiencies. Iamgold expects attributable production in 2017 to be between 370,000 ounces and 380,000 ounces.
Steve Letwin, President and CEO of Iamgold, stated that “Operating cash flow increased by 721%, gold margins rose by 56% and we ended the year with $763 million in cash” due to the performance improvement initiatives.
Here’s a graph that looks at AIG’s price, consensus and EPS surprise:
Iamgold Corporation Price, Consensus and EPS Surprise
Iamgold Corp. mines gold and employees 4,500 workers. The company has 4 operating gold mines which includes joint ventures in Mali. The remaining three operating gold mines are located in Burkina Faso, Suriname, and Canada. To conduct exploration, Iamgold Corp. utilizes greenfield and near-mine (“brownfield”) exploration.
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