Re Northgate Earnings. Look great on the surface at 25cents but note where the earnings above estimates came from. When subtracted earnings were inline, an excerpt from the earnings release:
"Earnings for the second quarter of 2006 included a $17,000,000 non-cash future income tax recovery related to the release of some of the valuation allowance for the Corporation's future income tax assets."
Goldcorps earnings were also inline at 36 cents, a mere penny above average estimate.
" Net earnings nearly doubled to $190.4 million ($0.50 per share), compared with $98.0 million ($0.30 per share) in 2005. Adjusted for certain non-cash items(1)(2), net earnings amounted to $136.9 million ($0.36 per share) for the quarter"
Was hoping for better but own neither.
See PAAS CDE KGC as better stories as per earnings.
