An aerial view of the Phase 3+ Island Gold expansion and Magino mine, both part of the Island Gold district in Ontario. Credit: Alamos Gold
Alamos Gold (TSX, NYSE: AGI) reported weaker-than-expected quarterly profit as costs rose and gold production climbed more slowly than planned. Shares plunged.
Adjusted first-quarter earnings increased to $59.8 million, or $0.14 a share, from $51.2 million, or $0.13, in the same period a year ago, Toronto-based Alamos said Wednesday after the close of trading. Per-share profit missed the $0.19 consensus estimate in a survey of financial analysts.
The results sent Alamos shares tumbling about 12% to C$34.52 ($25.01) in late morning trading Thursday in Toronto. That gave the company a market capitalization of about C$14.5 billion ($10.5 billion).
“Overall, a relatively weak quarter to start the year, but the company has a clear path to improved operations for the…
