NEW YORK (TheStreet) -- Shares of Yamana Gold (AUY) - Get Yamana Gold Inc. Report are down 13% to $4.68 on very heavy trading volume after the Toronto-based gold miner reported a significant third-quarter net loss today, reflecting impairment charges for Brazilian mines and charges related to newly enacted Chilean tax changes, Reuters reports.
The company reported a net loss of $1.0 billion, or $1.17 a share, in the quarter ended Sept. 30, compared with net earnings of $43.4 million, or 6 cents a share, in the year-ago period.
The adjusted net loss was $12.5 million, or 1 cent a share, compared with adjusted earnings of $69.5 million, or 5 cents a share, in the year-ago quarter.
Separately, TheStreet Ratings team rates YAMANA GOLD INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate YAMANA GOLD INC (AUY) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."
- You can view the full analysis from the report here: AUY Ratings Report