Kinross Gold Corporation recorded a fourth-quarter 2023 profit from continuing operations of $65.4 million or 6 cents per share. This marks a striking improvement from the loss of $106 million, or 8 cents incurred in the year-ago quarter.
Exceeding Expectations
The company reported adjusted earnings of 11 cents per share, which is a notable increase from the previous year’s figure of 9 cents. These results exceeded the Zacks Consensus Estimate of 9 cents. Furthermore, revenues rose 3.7% year over year to $1,115.7 million, surpassing the Zacks Consensus Estimate of $902.2 million.
Firm’s Performance
The company produced 546,513 gold equivalent ounces from continuing operations in the reported quarter, surpassing the estimate of 501,971 gold equivalent ounces. The average realized gold prices were $1,974 per ounce, up 14% from the year-ago quarter’s figure and topping the estimates. However, the production cost of sales per gold equivalent ounce and all-in-sustaining cost per gold equivalent ounce sold fell short of the estimates.
Looking Ahead
For 2024, Kinross expects production and costs to be within certain ranges. The company is predicting capital expenditures in the coming year alongside anticipated production and sales levels.
Market Reaction
Shares of Kinross have surged over the past year, outperforming the industry.
Image Source: Zacks Investment Research
Market Analysis
Kinross currently carries a Zacks Rank #3 (Hold). Additionally, better-ranked stocks in the basic materials space include United States Steel Corporation, Carpenter Technology Corporation, and Alpha Metallurgical Resources Inc.
Better-performing companies have seen higher stock prices over the past year, indicating positive investor sentiment.
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Author: Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
