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Kirkland Lake Gold's (KL) Q1 Earnings and Sales Lag Estimates
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Kirkland Lake Gold Ltd. reported net earnings of $161.2 million or 59 cents per share in first-quarter 2021 compared with $202.9 million or 77 cents in the year-ago quarter.
Barring one-time items, adjusted earnings per share were 63 cents that missed the Zacks Consensus Estimate of 67 cents.
The company recorded revenues of $551.8 million, down 0.5% year over year. The top line lagged the Zacks Consensus Estimate of $553.5 million.
Kirkland Lake Gold Ltd. Price, Consensus and EPS Surprise
Total gold production was 302,847 ounces in the quarter, down 8.5% year over year. Average realized price of gold was $1,788 per ounce, up 13% year over year.
Operating cash costs per ounce for gold rose 23.2% year over year to $542. All-in sustaining costs (AISC) for gold increased 9% year over year to $846 per ounce in the quarter.
Financial Position
At the end of the first quarter 2021, Kirkland Lake Gold had cash and cash equivalents of $792.2 million, up 249.2% year over year.
Net cash provided by operating activities declined 13.8% year over year to $208.2 million in the quarter.
Guidance
For 2021, the company expects total gold production between 1,300,000 ounces and 1,400,000 ounces. AISC for gold is expected between $790 and 810 per ounce in 2021. Operating cash costs per ounce sold is projected in the range of $450-$475.
Price Performance
The stock has declined 0.4% in the past year against 1.2% rise of the industry.
Zacks Rank & Key Picks
Kirkland Lake Gold currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the basic materials space are Dow Inc. (DOW - Free Report) , Nucor Corporation (NUE - Free Report) and Impala Platinum Holdings Limited (IMPUY - Free Report) .
Dow has a projected earnings growth rate of roughly 261.5% for the current year. The company’s shares have surged 103.7% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Nucor has an expected earnings growth rate of around 228.4% for the current year. The company’s shares have gained 143.1% in the past year. It currently sports a Zacks Rank #1.
Impala has an expected earnings growth rate of 197.6% for the current fiscal. The company’s shares have skyrocketed 253.1% in the past year. It currently flaunts a Zacks Rank #1.
Zacks Top 10 Stocks for 2021
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Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
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Kirkland Lake Gold's (KL) Q1 Earnings and Sales Lag Estimates
Kirkland Lake Gold Ltd. reported net earnings of $161.2 million or 59 cents per share in first-quarter 2021 compared with $202.9 million or 77 cents in the year-ago quarter.
Barring one-time items, adjusted earnings per share were 63 cents that missed the Zacks Consensus Estimate of 67 cents.
The company recorded revenues of $551.8 million, down 0.5% year over year. The top line lagged the Zacks Consensus Estimate of $553.5 million.
Kirkland Lake Gold Ltd. Price, Consensus and EPS Surprise
Kirkland Lake Gold Ltd. price-consensus-eps-surprise-chart | Kirkland Lake Gold Ltd. Quote
Operational Highlights
Total gold production was 302,847 ounces in the quarter, down 8.5% year over year. Average realized price of gold was $1,788 per ounce, up 13% year over year.
Operating cash costs per ounce for gold rose 23.2% year over year to $542. All-in sustaining costs (AISC) for gold increased 9% year over year to $846 per ounce in the quarter.
Financial Position
At the end of the first quarter 2021, Kirkland Lake Gold had cash and cash equivalents of $792.2 million, up 249.2% year over year.
Net cash provided by operating activities declined 13.8% year over year to $208.2 million in the quarter.
Guidance
For 2021, the company expects total gold production between 1,300,000 ounces and 1,400,000 ounces. AISC for gold is expected between $790 and 810 per ounce in 2021. Operating cash costs per ounce sold is projected in the range of $450-$475.
Price Performance
The stock has declined 0.4% in the past year against 1.2% rise of the industry.
Zacks Rank & Key Picks
Kirkland Lake Gold currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the basic materials space are Dow Inc. (DOW - Free Report) , Nucor Corporation (NUE - Free Report) and Impala Platinum Holdings Limited (IMPUY - Free Report) .
Dow has a projected earnings growth rate of roughly 261.5% for the current year. The company’s shares have surged 103.7% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Nucor has an expected earnings growth rate of around 228.4% for the current year. The company’s shares have gained 143.1% in the past year. It currently sports a Zacks Rank #1.
Impala has an expected earnings growth rate of 197.6% for the current fiscal. The company’s shares have skyrocketed 253.1% in the past year. It currently flaunts a Zacks Rank #1.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2021 today >>