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Kinross' (KGC) Earnings and Sales Surpass Estimates in Q1
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Kinross Gold Corporation (KGC - Free Report) reported a profit from continuing operations of $107 million or 9 cents per share in first-quarter 2024. The figure registered an increase from a profit of $90.2 million or 7 cents per share recorded in the year-ago quarter.
KGC reported adjusted earnings of 10 cents per share, up from the prior-year quarter’s figure of 7 cents. The bottom line beat the Zacks Consensus Estimate of 6 cents.
Revenues rose 16% year over year to $1,081.5 million in the first quarter. It topped the Zacks Consensus Estimate of $876.9 million.
Kinross Gold Corporation Price, Consensus and EPS Surprise
The company produced 527,399 gold equivalent ounces from continuing operations in the reported quarter, up 13% year over year. The figure topped our estimate of 458,590 gold equivalent ounces.
Average realized gold prices were $2,070 per ounce in the quarter, up 9% from the year-ago quarter’s tally. The figure beat our estimate of $1,913 per ounce.
The production cost of sales per gold equivalent ounce was $982, down 0.5% from the prior-year quarter’s levels. This was below our estimate of $990. All-in-sustaining cost per gold equivalent ounce sold fell nearly 1% year over year to $1,310. This was below our estimate of $1,356.
Margin per gold equivalent ounce sold was $1,088 in the quarter, up from the prior-year quarter’s $907.
Financials
Cash and cash equivalents were $406.9 million at the end of the quarter, down around 19.6% year over year. Long-term debt was $1,234 million at the end of the quarter, down about 43% year over year.
Outlook
For 2024, Kinross expects production to be 2.1 million gold equivalent ounces (+/- 5%). The company expects a production cost of sales of $1,020 per gold equivalent ounce (+/- 5%) for the year, factoring in inflation and production mix. The company expects an all-in-sustaining cost per gold equivalent ounce of $1,360 (+/- 5%) for 2024. Capital expenditures are predicted at around $1,050 million (+/- 5%) for this year.
Price Performance
Kinross’ shares have rallied 27.5% in the past year against a 5.6% fall of the industry.
Integra Resources is expected to report first-quarter results on May 10. The Zacks Consensus Estimate for ITRG’s first-quarter earnings is pegged at a loss of 3 cents. The consensus estimate for ITRG’s first-quarter earnings has been stable in the past 60 days.
Innospec is slated to report first-quarter results on May 9. The consensus estimate for IOSP’s first-quarter earnings is pegged at $1.64 per share. The stock has rallied around 29% in the past year.
AVD is scheduled to report first-quarter results on May 9. The consensus estimate for AVD’s first-quarter earnings is pegged at 8 cents, indicating a year-over-year rise of 14.3%.
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Kinross' (KGC) Earnings and Sales Surpass Estimates in Q1
Kinross Gold Corporation (KGC - Free Report) reported a profit from continuing operations of $107 million or 9 cents per share in first-quarter 2024. The figure registered an increase from a profit of $90.2 million or 7 cents per share recorded in the year-ago quarter.
KGC reported adjusted earnings of 10 cents per share, up from the prior-year quarter’s figure of 7 cents. The bottom line beat the Zacks Consensus Estimate of 6 cents.
Revenues rose 16% year over year to $1,081.5 million in the first quarter. It topped the Zacks Consensus Estimate of $876.9 million.
Kinross Gold Corporation Price, Consensus and EPS Surprise
Kinross Gold Corporation price-consensus-eps-surprise-chart | Kinross Gold Corporation Quote
Operational Performance
The company produced 527,399 gold equivalent ounces from continuing operations in the reported quarter, up 13% year over year. The figure topped our estimate of 458,590 gold equivalent ounces.
Average realized gold prices were $2,070 per ounce in the quarter, up 9% from the year-ago quarter’s tally. The figure beat our estimate of $1,913 per ounce.
The production cost of sales per gold equivalent ounce was $982, down 0.5% from the prior-year quarter’s levels. This was below our estimate of $990. All-in-sustaining cost per gold equivalent ounce sold fell nearly 1% year over year to $1,310. This was below our estimate of $1,356.
Margin per gold equivalent ounce sold was $1,088 in the quarter, up from the prior-year quarter’s $907.
Financials
Cash and cash equivalents were $406.9 million at the end of the quarter, down around 19.6% year over year. Long-term debt was $1,234 million at the end of the quarter, down about 43% year over year.
Outlook
For 2024, Kinross expects production to be 2.1 million gold equivalent ounces (+/- 5%). The company expects a production cost of sales of $1,020 per gold equivalent ounce (+/- 5%) for the year, factoring in inflation and production mix. The company expects an all-in-sustaining cost per gold equivalent ounce of $1,360 (+/- 5%) for 2024. Capital expenditures are predicted at around $1,050 million (+/- 5%) for this year.
Price Performance
Kinross’ shares have rallied 27.5% in the past year against a 5.6% fall of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Kinross currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Integra Resources Corp. (ITRG - Free Report) , Innospec Inc. (IOSP - Free Report) and American Vanguard Corporation (AVD - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Integra Resources is expected to report first-quarter results on May 10. The Zacks Consensus Estimate for ITRG’s first-quarter earnings is pegged at a loss of 3 cents. The consensus estimate for ITRG’s first-quarter earnings has been stable in the past 60 days.
Innospec is slated to report first-quarter results on May 9. The consensus estimate for IOSP’s first-quarter earnings is pegged at $1.64 per share. The stock has rallied around 29% in the past year.
AVD is scheduled to report first-quarter results on May 9. The consensus estimate for AVD’s first-quarter earnings is pegged at 8 cents, indicating a year-over-year rise of 14.3%.