Iamgold's Adjusted 3Q Profit Higher on Price, Production Hike

The third-quarter profit of Iamgold Corp., which operates gold mines in Suriname, Burkina Faso, Mali and Canada, jumped 34 percent on higher prices and increased gold production.

Net income rose to $50 million, or 13 cents per share, from $37.4 million, or 10 cents per share in the comparable quarter last year.

Excluding non-recurring items, net income rose 184 percent to $112.5 million, or 30 cents per share, from $39.9 million, or 11 cents per share.

Revenue jumped to $431.9 million from $234.7 million.

Attributable gold production was 222,000 ounces from continuing operations, up 14 percent from 195,000 ounces in last year's third quarter.

Gold sales rose to 231,000 ounces from 155,000 ounces, and the company's average realized gold price increased to $1,675 per ounce from $1,242.

The company backed its August gold production forecast of 940,000 ounces to 1 million ounces. It also confirmed its forecast of 2011 cash costs between $620 and $650 per ounce.

Shares rose 47 cents, or 2 percent, to $22.63 in late afternoon trading.