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NEW YORK (AP) - Gold-mining company Iamgold Corp. said Tuesday its first-quarter earnings soared on higher production and higher selling prices.
| IAG | 6.24 |  -0.04 |
Net income for the three months ended March 31 climbed to $34.4 million, or 12 cents per share, compared with $11.3 million, or 4 cents per share, in the year-earlier quarter, the Toronto-based company said.
Analysts polled by Thomson Financial expected, on average, earnings per share of 13 cents.
Revenue climbed to $208 million from $146.4 million.
Gold production during the quarter rose to 234,000 ounces from 219,000 ounces.
On March 13, the price of gold hit a record. Gold for April delivery shot up to $1,033.90 an ounce on the New York Mercantile Exchange before easing back to settle at $1,002.60.
Iamgold's average realized price for gold rose to $899 per ounce from $648 in the prior-year quarter.
Shares rose 11 cents to $6.19 in midday trading.
Citigroup suggests that inflation and the fabrication outlook favor gold.
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