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Kinross Gold adjusted earnings miss estimates

Kinross attributed its lower profit to lower prices for the gold it sold during the quarter.

Mark Blinch/REUTERS

Kinross Gold Corp. had $32.9 (U.S.) million of adjusted earnings in the second quarter, down 72 per cent from the same time last year and below analyst estimates.

The Toronto-based company attributed the reduced adjusted earnings to lower gold prices during the quarter. The average price that Kinross received was $1,285 per ounce sold, down fromS$1,394 an ounce in the second quarter of 2013.

Its revenue was $911.9-million, down from $968-million a year before.

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The adjusted earnings amounted to three cents per Kinross share, which was two cents below analyst estimates of five cents per share and down from $119.5-million or 10 cents per share reported by the company a year earlier.

Last year's second-quarter included a massive $2.433-billion writedown of Kinross's assets but there were no impairments recorded in this year's comparable period.

Kinross had $46-million of net income before adjustments, or four cents per share, in the three months ended June 30, compared with a 2013 second-quarter net loss of $2.17 per share or $2.48-billion.

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