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Yamana Gold: What to Expect from Its Q1 Results

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Apr. 30 2019, Updated 8:15 a.m. ET

Yamana Gold

Yamana Gold (AUY) is scheduled to release its first-quarter results on May 1 after the market closes. The company will hold a conference call on May 2. Analysts expect Yamana Gold’s first-quarter revenues to be $409 million and the EBITDA to be $157 million, which implies YoY (year-over-year) growth of -9.0% and 0.2%, respectively.

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During the fourth-quarter results, Yamana Gold beat analysts’ EPS estimate of $0.02 by $0.01. The company beat the revenue estimate of $472 million by $10 million. Yamana Gold’s production beat its guidance, while the cost was better than expected.

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Guidance for 2019

Yamana Gold’s guidance for its 2019 gold production is 940,000 ounces. During the 2019–2021 outlook period, the company expects its production to continue to benefit from miners’ strong performance across its portfolio led by Canadian Malartic. After the announcement of the sale of Yanama Gold’s Chapada mine in April, the company reduced its attributable production guidance to ~1 billion GEOs (gold equivalent ounces) from 1.06 GEOs previously. The company expects its all-in sustaining costs to be $850–$890 per ounce for 2019.

YTD performance

Yamana Gold has outperformed the Gold Miners Index (GDX) and gold (GLD) YTD. Yamana Gold has gained 4.6% year-to-date compared to -1% and -2.9% returns by GDX and GLD, respectively. Among Yamana Gold’s peers, it has outperformed Barrick Gold (GOLD), Newmont Mining (NEM), and Kinross Gold (KGC). Agnico Eagle Mines (AEM) and Iamgold (IAG) have outperformed Yamana Gold with gains of 49.7% and 18.7%, respectively.

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