=IAMGOLD (IAG) reported earnings on Thur 8 Aug 2019 (b/o)

IAMGOLD misses by $0.02, misses on revs; lowers 2019 gold production and CapEx guidance

Reports Q2 (Jun) loss of $0.03 per share, excluding non-recurring items, $0.02 worse than the S&P Capital IQ Consensus of ($0.01); revenues fell 11.1% year/year to $246.5 mln vs the $272.94 mln S&P Capital IQ Consensus.

"We have lowered our full-year 2019 total attributable gold production guidance to 765,000 to 810,000 ounces primarily due to lower production expected at Rosebel resulting from the temporary suspension of mining activities subsequent to the second quarter 2019 and lower grades realized in the first half of the year. Additionally, we have revised upwards our guidance for cost of sales per ounce sold and total cash cost per ounce produced to the range of $910 to $960 and $860 to $910 per ounce, respectively, due to higher waste volumes being classified as operational waste as opposed to capitalized stripping and lower owner-operator sales volumes relative to the initial guidance. All-in sustaining costs per ounce sold guidance has been revised upwards to the range of $1,090 to $1,130. Capital expenditures guidance for 2019 has been reduced by $80 million to $275 million (5%) primarily due to timing of spend on the haul road construction and deferral of non-critical infrastructure at Saramacca, and lower capitalized stripping at Rosebel as a result of mine sequencing."