Kinross Gold Beat Its Q4 Earnings Estimates



Kinross Gold’s earnings 

Kinross Gold (KGC) released its fourth-quarter earnings results after the market closed on February 13. The company will hold its conference call on February 14. Kinross Gold reported an adjusted EPS of $0.01, which beat the consensus estimate by $0.01. The company’s revenues of $786 million also beat analysts’ expectation by 3.3%.

Kinross Gold met its production and cost guidance for 2018. The company reported production of 2.45 million tons, which is in line with the guidance of 2.5 million tons (+/-5%). The company expects flat production growth for 2019. Kinross Gold’s AISC (all-in sustaining costs) were $965 per ounce for 2018, which is also in line with a 5% up or down variance to $975 per ounce. The company expects an AISC of $995 per ounce in 2019.

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CEO’s comments

In a press release, Kinross Gold’s CEO, Paul Rollinson, said, “We expect to deliver another strong year in 2019, producing approximately 2.5 million gold equivalent ounces at costs similar to 2018. Our development projects are proceeding well, and we look forward to a number of milestones this year.”

As we highlighted in Investors are Awaiting This Update from Kinross Gold’s Q4 Results, investors expect an update on the company’s Tasiast Phase Expanse Phase 2. In the press release, Kinross Gold said that the project continues to be a viable option as the company completes its evaluation of alternative approaches. The company’s management should provide more information during the call.

Peers’ results

Among Kinross Gold’s peers (GDX), Barrick Gold (GOLD) reported its fourth-quarter and fiscal 2018 results on February 13 before the markets opened. Barrick Gold reported an adjusted EPS of $0.06 for the fourth quarter, which beat the consensus estimate of $0.05. Yamana Gold (AUY) is expected to report its earnings on February 14. Newmont Mining (NEM) is scheduled to release its results on February 21.

Read Digging into Gold Miners’ Performances ahead of Their Q4 Results to learn more.


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