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Kinross attributed its lower profit to lower prices for the gold it sold during the quarter.Mark Blinch/Reuters

Kinross Gold Corp. had $32.9 (U.S.) 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 $1,285 per ounce sold, down fromS$1,394 an ounce in the second quarter of 2013.

Its revenue was $911.9-million, down from $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 $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.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 18/03/24 4:00pm EDT.

SymbolName% changeLast
K-N
Kellanova
+2.26%54.77
K-T
Kinross Gold Corp
-0.65%7.65
KGC-N
Kinross Gold Corp
-0.18%5.66

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