November 12, 2009 / 3:29 PM / in 8 years

UPDATE 1-Gammon Gold Q3 adj profit misses market view

* Q3 adj EPS $0.05 vs est $0.06

* Q3 loss/shr $0.06 vs loss/shr $0.03 year-ago

* Q3 rev falls 1 pct to $47.9 mln Nov 12 (Reuters) - Gammon Gold Inc GAM.TO GRM.N reported third-quarter adjusted profit that narrowly missed analysts’ estimates on lower gold and silver sales.

For the third quarter ended Sept. 30, the company posted a loss of $7.0 million, or 6 cents a share, versus loss of $3.5 million, or 3 cents a share, a year ago.

Excluding items like severance costs and stock-based compensation, the company earned 5 cents a share.

Revenue from mining operations fell 1 percent to $47.9 million.

Gold sales fell 12 percent to 29,858 ounces, while silver sales fell 7 percent to 1.25 million ounces.

The company was expected to earn 6 cents a share, on revenue of $61.7 million, according to Thomson Reuters I/B/E/S.

The company said it expects fourth quarter to be the first of many quarters with continued growth in production and reducing operating costs.

Shares of the company were flat at C$10.41 in choppy morning trade Thursday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Gopakumar Warrier)

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