Yamana Gold (NYSE: AUY ) is suffering from the collapse in commodity prices that have plagued most miners, . The gold miner reported third-quarter results today after the market closed, showing that it posted revenues of $456.7 million, down 25% from the $611.8 million in the same period the previous year -- but also well below the $501.7 million Capital IQ consensus estimate.
However, adjusted net income came in at $69.5 million, or $0.09 per share, down sharply from $177.6 million, or $0.24 per share, in the same period in 2012, but up 39% from the second quarter and a penny per share better than the CapIQ estimates of $0.08 per share.
Yamana is experiencing pressure from falling prices for precious metals, so that even with production down just 1% year over year, revenues experienced a significant decline.
The gold miner continues to align its production with the volatile pricing environment, but anticipates it will achieve all-in sustaining cash costs on a by-product basis of $850 in 2014 and $925 in 2015, assuming by-product credits of $3.10 per pound copper. The "all-in sustaining costs" incorporate costs related to sustaining production and include additional costs that reflect the varying costs of producing gold over the mine's life.