Taseko Mines (TGB) to Report Q4 Earnings: What's in the Offing?
Taseko Mines Limited TGB is expected to report a year-over-year improvement in earnings when it reports fourth-quarter 2023 results.
Q4 Estimates
The Zacks Consensus Estimate for Taseko Mine’s earnings has remained unchanged over the past 30 days at 7 cents per share. The earnings estimate indicates a significant 600% increase from earnings per share of 1 cent in the year-ago quarter.
Q3 Results
In the last reported quarter, Taseko Mines witnessed a year-over-year improvement in both revenues and earnings. The company’s bottom line beat the Zacks Consensus Estimate. It has an average surprise of positive 66.7% in the trailing four quarters.
Taseko Mines Limited Price and EPS Surprise
Taseko Mines Limited price-eps-surprise | Taseko Mines Limited Quote
Factors to Note
Taseko Mines recently provided fourth-quarter 2023 production update, which indicates how the company is likely to fare in the to-be-reported quarter.
The Gibraltar mine produced 34 million pounds of copper and 369 thousand pounds of molybdenum in the fourth quarter of 2023. This compares favorably to 26.7 million pounds of copper and 359 thousand pounds of molybdenum production in the fourth quarter of 2022.
Copper production in the fourth quarter was supported by strong copper grades of 0.27% with ore from the lower benches of the Gibraltar pit. Mill throughput in the quarter averaged 83,000 tons per day in the quarter under review. It was impacted by additional downtime for maintenance and monitoring of the ball mill in concentrator #2.
The company had reported excess inventory at the end of the third quarter of 2023 as a result of the B.C. port workers strike in early July. This was shipped and sold in the fourth quarter. Copper sales volumes were recorded at 36 million pounds, marking a 41% increase year over year.
Copper prices gained year over year in the fourth quarter of 2023. Also, the company had copper price collar contracts in place that ensured a minimum price of $3.75 per pound and a ceiling price of $4.70 per pound for 21 million pounds of copper for the fourth quarter. Improved copper sales volume and prices are expected to have aided the company’s top and bottom-line performance in the fourth quarter.
Also, higher production, of both copper and molybdenum, is expected to have driven total operating costs down for Taseko Mines in the December ended quarter. However, higher fuel prices are likely to have impacted earnings somewhat.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for Taseko Mines this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. But that’s not the case here.
Earnings ESP: Earnings ESP for TGB is 0.00%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Zacks Rank: Taseko Mines currently carries a Zacks Rank of 3.
Price Performance
In a year, shares of Taseko Mines have declined 9.2% compared with the industry’s 0.4% dip.
Image Source: Zacks Investment Research
Stocks That Warrant a Look
Here are some companies in the basic materials space, which according to our model, have the right combination of elements to post an earnings beat this quarter:
Lithium Americas (Argentina) Corp. LAAC, scheduled to release earnings on Mar 21, has an Earnings ESP of +47.56% and a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for LAAC’s earnings for the fourth quarter is currently pegged at a penny per share.
Franco-Nevada Corporation FNV, scheduled to release fourth-quarter earnings on Mar 5, has an Earnings ESP of +0.63%.
The Zacks Consensus Estimate for FNV's earnings for the fourth quarter is currently pegged at 80 cents per share, which projects a 7% decline from the fourth quarter of 2022. FNV currently carries a Zacks Rank of 3.
Wheaton Precious Metals Corp. WPM, slated to release earnings on Mar 14, has an Earnings ESP of +5.05% and a Zacks Rank of 3, at present. The consensus mark for WPM’s fourth-quarter earnings is currently pegged at 30 cents per share.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Franco-Nevada Corporation (FNV) : Free Stock Analysis Report
Taseko Mines Limited (TGB) : Free Stock Analysis Report
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Lithium Americas (Argentina) Corp. (LAAC) : Free Stock Analysis Report
