Kinross Gold Q4 Loss Widens On Impairment Charge - Quick Facts

(RTTNews) - Kinross Gold Corp. (K.TO, KGC) reported a fourth-quarter net loss of $1.47 billion, or $1.29 per share, compared to a loss of $740.0 million, or $0.65 per share, prior year. The company's fourth-quarter reported net loss includes an after-tax, non-cash impairment charge of $932.2 million and an inventory write down of $167.6 million. The impairment charge of $932.2 million relates to property, plant and equipment, and goodwill. Adjusted loss to shareholders was $6.0 million, or $0.01 per share, for the quarter.

On average, analysts polled by Thomson Reuters expected the company to report profit per share of $0.01 for the quarter. Analysts' estimates typically exclude special items.

Revenue decreased to $791.3 million from $877.1 million, prior year. Analysts expected revenue of $776.79 million for the quarter. Production was 672,051 gold equivalent ounces, compared with 646,234 ounces in the fourth quarter of 2013.