uploads/2019/04/Revenue.png

What’s Driving Analysts’ Revenue Estimates for Gold Miners

By

Updated

Analysts’ forecasts

Analysts’ revenue estimates for gold miners (GDX) are important to track as they give us a good idea about their gold price (GLD) outlook and production.

Article continues below advertisement

Analysts’ revenue expectations

Analysts expect Barrick Gold’s (GOLD) revenue to rise 17.7% YoY (year-over-year) and 10.7% sequentially to ~$2.1 billion in the first quarter, mainly due to Barrick’s and Randgold’s figures being combined. Without the merger, Barrick’s production would be in a state of decline.

Yamana Gold’s (AUY) revenue is expected to fall 9% YoY and 15.4% sequentially in Q1 2019, and by 3% YoY in 2019. As Cerro Moro ramps up, catalysts for revenue growth may be scarce.

Kinross Gold and Agnico Eagle

Analysts expect Kinross Gold’s (KGC) first-quarter revenue to fall 11.1% YoY to $797.0 million in the first quarter, and by 0.5% this year. These expectations align with the company’s expectation of flat production growth for the year.

Analysts expect Agnico Eagle Mines’ (AEM) revenue to fall 12.3% YoY in the first quarter to $507.0 million. However, many of the company’s projects are set to kick off in the second quarter onward, which should support revenue. Analysts expect its revenue to rise 6.9% YoY this year.

Advertisement

More From Market Realist