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Galiano (GAU) Q4 Earnings Miss Estimates, Revenues Down Y/Y
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Galiano Gold (GAU - Free Report) reported adjusted loss per share of 6 cents in fourth-quarter 2021, wider than the Zacks Consensus Estimate of a loss of 1 cent. The company reported adjusted earnings per share of 8 cents in the prior-year quarter.
Galiano generated revenues of $91 million in fourth-quarter 2021, down 18% year over year. The downside resulted from a 15% reduction in sales volume and a 3% fall in the average realized gold price.
During the December quarter, Galiano recorded gold production of 50,278 ounces from its Asanko Gold Mine (“AGM”), down 23% year over year. During the quarter, the AGM processing plant achieved a milling throughput of 1.5 million tons of ore processed at a grade of 1.2g/t.
The company reported total cash operating costs of $1,257 per ounce, up 41% year over year, due to lower gold sales volume during the quarter, higher ore transportation costs and inflationary pressures on fuel, consumables and government taxes. Total all-in sustaining costs of $1,539 per ounce were 31% higher than the prior-year quarter’s tally.
During the October-December quarter, the total cost of sales was $100 million compared with the prior-year quarter’s $64.8 million.
The company incurred a loss of $8.9 million from mine operations in the reported quarter against the year-ago quarter’s income of $46.3 million. Adjusted EBITDA was $0.3 million during the fourth quarter compared with the prior-year quarter’s $20.4 million.
Galiano Gold Inc. Price, Consensus and EPS Surprise
Galiano’s cash and cash equivalents were $49.2 million at the end of 2021 compared with $64 million recorded at the end of 2020. The company utilized $2.3 million cash in operating activities in the fourth quarter compared with the prior-year quarter’s $1.6 million.
2021 Results
Galiano reported adjusted EPS of 3 cents in 2021 compared with 26 cents reported in the prior year. Earnings missed the Zacks Consensus Estimate of 12 cents.
Sales were down 8.6% year over year to $382 million. The top line missed the Zacks Consensus Estimate of $396 million.
Outlook
Galiano’s mining operator AGM expects current-year gold production of between 100,000 and 120,000 ounces. AGM is expected to generate positive operating cash flows of approximately $10 million from the processing of stockpiles in 2022.
Price Performance
In the past year, Galiano’s shares have declined 46.8% against the industry’s growth of 17.1%.
Mosaic has a projected earnings growth rate of 106.4% for the current year. The Zacks Consensus Estimate for MOS' current-year earnings has been revised upward by 22.2% in the past 60 days.
Mosaic beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters and missed once, the average surprise being 3.7%. MOS has rallied around 87.3% in a year.
AdvanSix has a projected earnings growth rate of 30.6% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 25% upward in the past 60 days.
AdvanSix beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters while missing once, the average surprise being 23.6%. ASIX has surged 57.3% in a year.
Allegheny has an expected earnings growth rate of 661.5% for the current year. The Zacks Consensus Estimate for ATI's earnings for the current year has been revised upward by 45.6% in the past 60 days.
Allegheny beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average surprise being 127.2%. ATI has rallied around 21.3% over a year.
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Galiano (GAU) Q4 Earnings Miss Estimates, Revenues Down Y/Y
Galiano Gold (GAU - Free Report) reported adjusted loss per share of 6 cents in fourth-quarter 2021, wider than the Zacks Consensus Estimate of a loss of 1 cent. The company reported adjusted earnings per share of 8 cents in the prior-year quarter.
Galiano generated revenues of $91 million in fourth-quarter 2021, down 18% year over year. The downside resulted from a 15% reduction in sales volume and a 3% fall in the average realized gold price.
During the December quarter, Galiano recorded gold production of 50,278 ounces from its Asanko Gold Mine (“AGM”), down 23% year over year. During the quarter, the AGM processing plant achieved a milling throughput of 1.5 million tons of ore processed at a grade of 1.2g/t.
The company reported total cash operating costs of $1,257 per ounce, up 41% year over year, due to lower gold sales volume during the quarter, higher ore transportation costs and inflationary pressures on fuel, consumables and government taxes. Total all-in sustaining costs of $1,539 per ounce were 31% higher than the prior-year quarter’s tally.
During the October-December quarter, the total cost of sales was $100 million compared with the prior-year quarter’s $64.8 million.
The company incurred a loss of $8.9 million from mine operations in the reported quarter against the year-ago quarter’s income of $46.3 million. Adjusted EBITDA was $0.3 million during the fourth quarter compared with the prior-year quarter’s $20.4 million.
Galiano Gold Inc. Price, Consensus and EPS Surprise
Galiano Gold Inc. price-consensus-eps-surprise-chart | Galiano Gold Inc. Quote
Financial Position
Galiano’s cash and cash equivalents were $49.2 million at the end of 2021 compared with $64 million recorded at the end of 2020. The company utilized $2.3 million cash in operating activities in the fourth quarter compared with the prior-year quarter’s $1.6 million.
2021 Results
Galiano reported adjusted EPS of 3 cents in 2021 compared with 26 cents reported in the prior year. Earnings missed the Zacks Consensus Estimate of 12 cents.
Sales were down 8.6% year over year to $382 million. The top line missed the Zacks Consensus Estimate of $396 million.
Outlook
Galiano’s mining operator AGM expects current-year gold production of between 100,000 and 120,000 ounces. AGM is expected to generate positive operating cash flows of approximately $10 million from the processing of stockpiles in 2022.
Price Performance
In the past year, Galiano’s shares have declined 46.8% against the industry’s growth of 17.1%.
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Zacks Rank & Stocks to Consider
Galiano currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are The Mosaic Company (MOS - Free Report) , AdvanSix Inc. (ASIX - Free Report) and Allegheny Technologies Incorporated (ATI - Free Report) . While MOS and ASIX sport a Zacks Rank #1 (Strong Buy), ATI carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Mosaic has a projected earnings growth rate of 106.4% for the current year. The Zacks Consensus Estimate for MOS' current-year earnings has been revised upward by 22.2% in the past 60 days.
Mosaic beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters and missed once, the average surprise being 3.7%. MOS has rallied around 87.3% in a year.
AdvanSix has a projected earnings growth rate of 30.6% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 25% upward in the past 60 days.
AdvanSix beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters while missing once, the average surprise being 23.6%. ASIX has surged 57.3% in a year.
Allegheny has an expected earnings growth rate of 661.5% for the current year. The Zacks Consensus Estimate for ATI's earnings for the current year has been revised upward by 45.6% in the past 60 days.
Allegheny beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average surprise being 127.2%. ATI has rallied around 21.3% over a year.