November 8, 2011 / 8:30 PM / 6 years ago

UPDATE 2-Iamgold adj profit soars on gold price

* Adj profit $0.30/share vs analyst view $0.33/share

* Shares fall 2.86 percent to C$22.73 (In U.S. dollars unless noted)

TORONTO, Nov 8 (Reuters) - Iamgold Corp (IMG.TO) said on Tuesday that its adjusted quarterly profit rose 182 percent as higher bullion prices offset rising costs.

Net income from continued operations in the third quarter, ended Sept. 30, was $50 million, or 13 cents a share, up from $37.4 million, or 10 cents a share, in the year-before quarter.

Excluding one-time items, primarily unrealized losses on foreign exchange rates, the company said its earnings were $112.5 million, or 30 cents a share. That compared with $39.9 million, or 11 cents a share, in the year-earlier period.

Analysts, on average, had expected earnings of 33 cents a share, according to Thomson Reuters I/B/E/S. Shares were down 2.86 percent at C$22.73 on Tuesday on the Toronto Stock Exchange after the results were issued.

Revenue from continuing operations rose 84 percent to $431.9 million in the quarter.

The company produced 222,000 ounces of gold from continuing operations, up from 195,000 ounces. Cash costs rose to $674 an ounce from $539 an ounce in the third quarter of 2010.

Cash costs were offset by higher gold margins, which rose more than 42 percent from the year-before period.

Iamgold maintained its production outlook of 940,000 to 1 million ounces of gold in 2011.

$1=$1.01 Canadian Reporting by Julie Gordon; editing by Rob Wilson and Peter Galloway

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