Traders Recap: Gold Fields Limited, Kinross Gold Corporation, Silver Wheaton Corp, Barrick Gold Corporation, SunPower Corporation
Gold Fields Limited (ADR)(NYSE:GFI) shares decreased 4.01% to $5.75. The company, on May 10, announced net earnings from continuing operations for the March 2013 quarter of R236 million compared with R376 million in the December 2012 quarter and R381 million in the March 2012 quarter. In US dollar terms net earnings for the March 2013 quarter of US$27 million compared with US$41 million in the December 2012 quarter and US$49 million in the March 2012 quarter.
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Kinross Gold Corporation (USA)(NYSE:KGC) shares dropped 3.70% to $5.46. The company on May 7 reported net income for the first quarter of US$160.5 million or US$0.14 per share, compared to US$99.6 million or US$0.09 per share for the year-ago quarter. Adjusted net income for the first quarter was US$170.5 million or US$0.15 per share, compared to US$196.1 million or US$0.17 per share in the prior year quarter. Revenue for the first quarter rose to US$1.06 billion from US$1.01 billion a year ago. First quarter production totaled 648,897 gold equivalent ounces, compared with 588,358 ounces in the first quarter of last year.
Silver Wheaton Corp. (USA)(NYSE:SLW) shares decreased 3.30% to $22.30. The company on May 10 company reported first quarter net income of $133.4 million, or 38 cents per share, down -9% from $147.2 million, or 42 cents per share last year. Analysts expected to see earnings of 40 cents per share. Revenue for the quarter rose 3% to $205.8 million, from $199.6 million a year ago, and came in below analysts estimate of $252.46 million.
Barrick Gold Corporation (USA) (NYSE:ABX) shares dropped 3.31% to $19.27. A group of Canada’s largest pension funds said on April 19 it will vote against Barrick Gold Corp’s planned signing bonus for the man tipped as its next chairman and against the election of the gold miner’s compensation committee. In the latest blow to the world’s largest gold producer, the funds said the award of an $11.9 million bonus payment to Co-Chairman John Thornton was “unprecedented” in Canada.
SunPower Corporation (NASDAQ:SPWR) shares declined 3.30% to $21.96. The company on May 3 said its first-quarter loss narrowed and sales exceeded company estimates as project installations increased.
The net loss narrowed to $54.7 million, or 46 cents a share, from $74.5 million, or 67 cents, a year earlier. The company, which hasn’t reported a profit since 2010, was expected to lose 32 cents a share, the average of analysts’ estimates. Sales of $635.4 million exceeded the company’s February forecast of $450 million to $525 million.