IAMGOLD Continues To See Quarterly Results Slide, Reporting Q2 Revenues Of $265.5 Million

IAMGOLD Corp (TSX: IMG) last night reported its second quarter 2021 financial results, posting revenues of US$265.5 million for the period, a decline on a quarter over quarter basis. The company also reported a net loss of $4.5 million for the period.

Revenues were down on a quarter over quarter basis from $297.4 million, with the weaker results blamed on adverse rain conditions at the firms Rosebel mine, and climbing COVID-19 cases in Suriname. Gross profit for the quarter amounted to $27.9 million, down from $44.2 million in the prior period.

Gold production also declined on a quarterly basis, with the second quarter recording 139,000 ounces of production, as previously guided, compared to the 156,000 ounces produced in Q1. Gold sales meanwhile amounted to 135,000 ounces, at an average realized gold price of $1,800 per ounce. Mine site free cash flow amounted to $1.9 million as a result, down from $89.5 million in the prior period.

Overall, the company posted EBITDA and adjusted EBITDA figures of $87.0 million and $84.8 million, respectively, while posting a net loss of $4.5 million, or $0.01 per share.

The firm also reported a cash, cash equivalents, and short term investment figure of $829.8 million as of the end of the quarter.

IAMGOLD last traded at $3.34 on the TSX.

Information for this briefing was found via Sedar and IAMGOLD. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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