IAG - Iamgold posts surprise Q4 profit even as revenues slip

Iamgold (NYSE:IAG) -0.3% post-market after reporting better than expected Q4 earnings while revenues fell 15% Y/Y to $294.6M. Q4 adjusted EBITDA rose to $90M from $82.5M in Q3; FY 2021 adjusted EBITDA fell to $355.7M from $450.4M in FY 2020; Iamgold said it recognized a $205.1M impairment charge related to updated mineral reserves and mineral resources estimates and life-of-mine plan for Rosebel. Q4 attributable gold production was 153K oz., while all-in sustaining cost was $1,537 per oz. sold. The company guides for FY 2022 attributable gold production of 570K-640K oz., roughly matching 2021 total gold production of 601K oz., at all-in sustaining cost of $1,650-$1,690/oz., compared with $1,426/oz. in 2021. The Côté Gold project is 43.4% complete and continues to track for commercial production in H2 2023. FY 2022 expansion capital spending is forecast for $660M-$690M, with Côté Gold expenditures expected at $590M-$620M and other expansion capital spending totaling $70M.

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Iamgold posts surprise Q4 profit even as revenues slip