Yamana Gold Inc. (NYSE:AUY) (TSE:YRI) failed to meet earnings and revenue expectations, generating $90.8 million in earnings, or $0.12 a share. Adjusted earnings came in at $85.8 million, or $0.12 a share.
Revenue increased from $236.71 million last year, to $351.27 million this year.
For earnings consensus was for $0.15 a share, while revenue consensus was $405.54 million
Yamana's chairman and chief executive officer, Peter Marrone, said, "We continue to focus on our production goals. We remained focused on operations this quarter, although we also focused on our development stage projects which we continued to progress. We have a robust portfolio of development stage projects with considerable value that we are advancing and an exploration program which has already begun to deliver strong results. As a result, 2010 is a year in which we expect to demonstrate growth in production, resources, cash flow and value."
The Board of Directors of Yamana also declared an increase in their dividend, increasing it to $0.08 a share on an annualized basis, or $0.02 a share each quarter. That's 33 percent sequentially and 100 year over year.
The dividend will be payable October 14, 2010, to holders of record at the close of business on Thursday, September 30, 2010.
A growing number of gold miners have focused more on dividends as a way of attracting new investors, wanting to be perceived as operating as any other business would.
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