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Kirkland Lake Gold (KL) Q2 Earnings Top Estimates, Sales Meet
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Kirkland Lake Gold Ltd. reported net earnings of $224.2 million or 91 cents per share in second-quarter 2021 compared with $150.2 million or 54 cents in the year-ago quarter.
Barring one-time items, adjusted earnings per share were 92 cents that topped the Zacks Consensus Estimate of 85 cents.
The company recorded revenues of $662.7 million, up 14% year over year. The figure was in-line with the Zacks Consensus Estimate.
Kirkland Lake Gold Ltd. Price, Consensus and EPS Surprise
Total gold production was 379,195 ounces in the quarter, up 15% year over year. Average realized price of gold was $1,814 per ounce, up 5.7% year over year.
Operating cash costs per ounce for gold rose 15.2% year over year to $431. All-in sustaining costs (AISC) for gold increased 3.9% year over year to $780 per ounce in the quarter.
Financial Position
At the end of the second quarter 2021, Kirkland Lake Gold had cash and cash equivalents of $858.4 million compared with $792.2 million as of Mar 31, 2021.
Net cash provided by operating activities increased 49% year over year to $330.6 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 for 2021. Operating cash costs per ounce sold is projected in the range of $450-$475.
Price Performance
Shares of Kirkland Lake Gold have declined 20.9% in the past year against 22.3% fall of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Kirkland Lake Gold currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Nucor Corporation (NUE - Free Report) , Dow Inc. (DOW - Free Report) and Cabot Corporation (CBT - Free Report) .
Nucor has a projected earnings growth rate of around 444.9% for the current year. The company’s shares have surged 137.3% 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.
Dow has an expected earnings growth rate of around 403.01% for the current year. The company’s shares have gained 48.2% in the past year. It currently carries a Zacks Rank #2.
Cabot has an expected earnings growth rate of around 137.5% for the current fiscal. The company’s shares have surged 44.9% in the past year. It currently holds a Zacks Rank #2.
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Kirkland Lake Gold (KL) Q2 Earnings Top Estimates, Sales Meet
Kirkland Lake Gold Ltd. reported net earnings of $224.2 million or 91 cents per share in second-quarter 2021 compared with $150.2 million or 54 cents in the year-ago quarter.
Barring one-time items, adjusted earnings per share were 92 cents that topped the Zacks Consensus Estimate of 85 cents.
The company recorded revenues of $662.7 million, up 14% year over year. The figure was in-line with the Zacks Consensus Estimate.
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 379,195 ounces in the quarter, up 15% year over year. Average realized price of gold was $1,814 per ounce, up 5.7% year over year.
Operating cash costs per ounce for gold rose 15.2% year over year to $431. All-in sustaining costs (AISC) for gold increased 3.9% year over year to $780 per ounce in the quarter.
Financial Position
At the end of the second quarter 2021, Kirkland Lake Gold had cash and cash equivalents of $858.4 million compared with $792.2 million as of Mar 31, 2021.
Net cash provided by operating activities increased 49% year over year to $330.6 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 for 2021. Operating cash costs per ounce sold is projected in the range of $450-$475.
Price Performance
Shares of Kirkland Lake Gold have declined 20.9% in the past year against 22.3% fall of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Kirkland Lake Gold currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Nucor Corporation (NUE - Free Report) , Dow Inc. (DOW - Free Report) and Cabot Corporation (CBT - Free Report) .
Nucor has a projected earnings growth rate of around 444.9% for the current year. The company’s shares have surged 137.3% 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.
Dow has an expected earnings growth rate of around 403.01% for the current year. The company’s shares have gained 48.2% in the past year. It currently carries a Zacks Rank #2.
Cabot has an expected earnings growth rate of around 137.5% for the current fiscal. The company’s shares have surged 44.9% in the past year. It currently holds a Zacks Rank #2.