February 25, 2011 / 1:16 AM / 7 years ago

UPDATE 2-Iamgold profit jumps as gold output rises

* Q4 Adj EPS $0.39 vs $0.15 a year earlier

* Q4 revenue up 73 pct to $459 mln (Adds details on results; In U.S. dollars)

TORONTO, Feb 24 (Reuters) - Iamgold (IMG.TO) reported a fourth-quarter profit that topped expectations on Thursday, as increased gold production and higher gold prices helped boost results.

Excluding one-time items, earnings in the quarter rose to $144.9 million, or 39 cents a share. That compares with a profit of $56.8 million, or 15 cents a share.

Quarterly revenue rose 73 percent to $459 million.

Analysts on average had forecast earnings of 29 cents a share, on revenue of $415.3 million, according to Thomson Reuters I/B/E/S.

Gold production in the quarter rose 35 percent to 315,000 attributable ounces, driven by output from its new Essakane mine in Burkina Faso.

On a net basis the company posted earnings of $144.5 million, or 39 cents a share. That compared with a year-ago loss of $47.4 million, or 13 cents a share, when results were hurt by impairment charges.

Toronto-based Iamgold said its proven and probable reserves rose 13 percent to 16.4 million ounces of gold, as of the end of 2010.

The company expects total attributable gold output in 2011 to be between 1.1 million and 1.2 million ounces, that compares with 2010 output of 967,000 ounces. Production from mines owned and operated by Iamgold is expected to be between 810,000 and 860,000 ounces in 2011, up from 607,000 ounces in 2010.

The mid-tier gold miner expects cash costs in 2011 to be between $565 and $595 an ounce, the mid-point of this range is slightly higher than the average of $574 an ounce in 2010. (Reporting by Euan Rocha; editing by Rob Wilson and Carol Bishopric)

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