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Which Gold Miners Beat Analysts’ Estimates in Q1?

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Earnings season

During the first-quarter earnings season, there weren’t many clear-cut earnings beats among gold miners (RING). Of the miners we’re discussing, only Agnico Eagle Mines (AEM) beat analysts’ earnings expectations thoroughly on both the top and bottom lines in the quarter. All three other miners beat analysts’ EPS estimates but missed top line expectations.

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GOLD and NEM: Stock price reactions

Newmont Gold (NEM) kicked off the earnings season for gold miners with its earnings report on April 25 before the markets opened. The company beat analysts’ EPS estimate of $0.27 by $0.06. Its revenue, however, missed the estimate by $10 million, coming in at $1.8 billion. Its stock fell 1.8% on April 25 compared to the VanEck Vectors Gold Miners ETF’s (GDX) fall of 0.7% on the same day.

Barrick Gold (GOLD) released its earnings results on May 8. Its EPS of $0.11 beat analysts’ estimate by $0.02, whereas its top line of $2.09 billion missed analysts’ average estimate by ~$60 million. Its stock also fell 1.2%, bringing it mostly in line GDX’s 1.1% fall.

For more details on these companies’ results, read Could Barrick Gold Be Your Long-Term Gold Bet after Q1? and Does Newmont Goldcorp Look Attractive after Q1 Results?

AEM and KGC

Agnico Eagle Mines released its first-quarter results on April 26 after the markets closed. Its EPS were $0.16, down from $0.19 in the first quarter of 2018. Its EPS, however, beat analysts’ expectation of $0.09. Its revenue came in at $532.2 million, higher than analysts’ estimate of $515 million. Read AEM Beats Q1 Earnings and Revenue Estimates, Wall Street Bullish for a detailed analysis.

Kinross Gold (KGC) released its first-quarter earnings results after the market closed on May 7. The company reported adjusted EPS of $0.07, which beat analysts’ consensus estimate by $0.05. Its revenue of $786.2 million, however, missed analysts’ expectation by $15 million. Kinross maintained its production and cost guidance for 2019. Read What Could Help Kinross Gold Outperform Peers in 2019? to learn more about the company’s results and outlook.

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