Kinross Gold Corporation (NYSE: KGC) has reported quarterly earnings, announcing earnings of $0.11 per share for the fourth quarter which beat the consensus estimate of $0.09 per share. This marks an improvement compared to earnings of $0.09 per share for the same period last year.
The company’s CEO, J. Paul Rollinson, expressed pride in the company’s achievements, stating, “2023 was a great year at Kinross and I am proud of our global team who achieved the results that underpin our reputation as strong operators.”
Kinross Gold reported revenues of $1.12 billion for the quarter ended December 2023, surpassing the consensus estimate by 23.67%.
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Kinross Gold’s operational highlights for the fourth quarter and full year of 2023 include:
- Production: The company produced 546,513 gold equivalent ounces in Q4 2023 and 2,153,020 gold equivalent ounces in 2023.
- Cost Management: All-in sustaining costs came in at $1,353 per gold equivalent ounce in Q4 2023 and $1,316 per gold equivalent ounce for the full year.
- Cash Flow and Earnings: Operating cash flow reached $410.9 million in Q4 2023 and $1,605.3 million for the full year. Adjusted net earnings for Q4 2023 were $140.0 million, or $0.11 per share, and $539.8 million, or $0.44 per share, for the full year.
- Dividend: The company declared a quarterly dividend of $0.03 per common share.
The company also highlighted that its Great Bear project has seen an increase in its mineral resource estimate, with the project now boasting approximately 2.8 million ounces of measured and indicated resources and approximately 3.3 million ounces of inferred resources. This includes the addition of over one million higher-grade, underground inferred ounces.
Looking ahead, Kinross Gold anticipates another strong year in 2024, with plans to produce approximately 2.1 million gold equivalent ounces, the same full-year guidance it set for 2023.
Kinross Gold last traded at $5.13 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
