Loading ...Yamana hikes dividend, cuts guidance
Yamana Gold (TSX:YRI; NYSE:AUY) has raised its annual dividend by a further 25% to $0.0625 on the back of strong first-quarter results. This is the third dividend increase announced by the company over the past year, representing a cumulative total increase of 213%.
For the three-month period, Yamana posted net earnings of $45 million or $0.05 per share, an improvement over the $4.1 million net loss reported a year earlier.
Adjusted net earnings came to $47.2 million or $0.05 per share, nearly double the $24 million or $0.03 per share recorded last year.
Cash flows exceeded all comparable measures in the prior-year quarter, with net free cash flow of $91.1 million exceeding the average of the past four quarters by 14%. As a result, the company managed to reduce net debt by $20 million.
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