News) - Yamana Gold Inc. (Zigzag and RSI ) reported Thursday that it doubled its adjusted profit in the first quarter, upped its dividend and revised down 2020 production guidance due to mandated temporary mine closures resulting from the COVID-19 pandemic.
Adjusted first-quarter net earnings were listed at $47.2 million, or 5 cents per share, up from $24 million, or 3 cents, in the same period a yer ago. This beat the consensus estimate that Credit Suisse put at 3 cents a share.
Net earnings were $45 million, or a nickel per share, compared to a net loss of $4.1 million, or 0 cents per share, in the year-ago period.
The company said the annual dividend was increased by a further 25% to $0.0625 per share, effective for the second quarter. Shareholders of record at the close of business on June 30 will be entitled to receive payment on July 14. This is the third dividend increase announced by Yamana in the past year.