May 3, 2011 / 9:30 PM / 7 years ago

UPDATE 1-Kinross Gold profit up on record revenue

TORONTO, May 2 (Reuters) - Kinross Gold (K.TO) reported a stronger first-quarter profit on Tuesday, as rising realized gold prices and increased production sent its revenue to a record high.

The miner said earnings increased to $255.5 million, or 23 cents a share, in the first quarter of 2011, from $181.3 million, or 26 cents a share, a year earlier.

The earnings per share fell as result of a higher number of shares outstanding this year.

Adjusted net earnings were $180.3 million, or 16 cents a shares, compared with $99.7 million, or 14 cents a shares in the first quarter of 2010.

Analysts had expected earnings of 14 cents a share, according to Thomson Reuters I/B/E/S.

Revenue for the quarter was a record $937.0 million, up 42 percent from $657.6 million in the same period in 2010.

Production for the quarter was 642,857 gold equivalent ounces, up 18 percent over the same period a year earlier.

The company also boosted its full-year production outlook to 2.6 million-2.7 million ounces, up from 2.5 million-2.6 million ounces. (Reporting by Julie Gordon; editing by Rob Wilson)

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