Stock Monitor: Seabridge Gold Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 11, 2018 / If you want access to our free earnings report on IAMGOLD Corp. (NYSE: IAG), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=IAG. The Company reported its first quarter fiscal 2018 operating and financial results on May 07, 2018. The gold and niobium mining Company outperformed top- and bottom-line expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the first quarter of the fiscal year 2018 , IAMGOLD's revenues were $314.5 million, up 21% compared to $260.5 million in Q1 2017. The increase was primarily due to higher sales volume at Essakane and Westwood, and a higher realized gold price. The Company's revenue numbers topped analysts' estimates by $13.13 million.
During Q1 2018, IAMGOLD's cost of sales was $238.7 million, up 6% from $225.5 million in Q1 2017. The increase was primarily due to higher operating costs, higher royalties' expenses, and higher depreciation. The Company's operating costs were higher as a result of higher energy costs at Essakane and Rosebel, a weaker US dollar relative to the Euro and the Canadian dollar, and higher operating costs at Westwood resulting from the continued ramp-up.
IAMGOLD's net earnings attributable to equity holders were $42.3 million, or $0.09 per share, in Q1 2018, up by $60.3 million, or $0.13 per share, from Q1 2017. The increase was mainly due to a higher gross profit, higher interest income, derivatives, and other investment gains, and lower finance costs.
For Q1 2018, IAMGOLD's adjusted net earnings attributable to equity holders were $40.4 million, or $0.09 per share, up by $35.3 million, or $0.08 per share, from Q1 2017. The Company's earnings surpassed Wall Street's estimates of $0.01 per share.
IAMGOLD's attributable gold production, inclusive of joint venture (JV) operations, was 229,000 ounces for Q1 2018, up 7%, or 15,000 ounces, compared to the year ago same period. The increase was due to higher grades at Essakane and higher grades and continued ramp-up at Westwood.
IAMGOLD's attributable gold sales, inclusive of JV operations, were 235,000 ounces in Q1 2018, up 11%, or 23,000 ounces, on a y-o-y basis. The increase was primarily due to higher sales at Essakane and Westwood, partially offset by lower sales at Rosebel and the JVs.
IAMGOLD's cost of sales per ounce was $741 in Q1 2018, down 4% on a y-o-y basis. The decrease was primarily due to higher sales volume and capitalized stripping, partially offset by higher energy costs at Essakane and Rosebel, and a weaker US dollar relative to the euro and the Canadian dollar. The Company's total cash costs were $737 per ounce produced in the reported quarter, down 4% on a y-o-y basis.
IAMGOLD's all-in sustaining costs per ounce sold were $953 in Q1 2018, down 4% on a y-o-y basis. The decrease was primarily due to higher sales volume and capitalized stripping, partially offset by higher energy costs at Essakane and Rosebel, a higher sustaining capital, and a weaker US dollar relative to the Euro and the Canadian dollar.
IAMGOLD's net cash from operating activities was $106.0 million in Q1 2018, up $39.1 million, or 58%, in Q1 2017. The increase was mainly due to higher earnings after non-cash adjustments and higher net settlement of derivatives. The Company's net cash from operating activities before changes in working capital was $119.6 million in the reported quarter, up $35.2 million from the year earlier comparable quarter.
IAMGOLD ended Q1 2018 in a strong financial position, with cash, cash equivalents, short-term investments in money market instruments, and restricted cash of $856.3 million at March 31, 2018, up from $40.5 million in December 31, 2017. The increase was primarily due to cash generated from operating activities, partially offset by spending on property, plant, and equipment, and exploration and evaluation assets.
For the full fiscal year 2018, IAMGOLD is maintaining production guidance of 380,000 to 395,000 attributable ounces. The Company's capital expenditure is expected to be approximately $150 million, comprising $75 million for sustaining capital and $75 million for non-sustaining capital.
Stock Performance Snapshot
June 08, 2018 - At Friday's closing bell, IAMGOLD's stock marginally declined 0.34%, ending the trading session at $5.78.
Volume traded for the day: 1.76 million shares.
Stock performance in the last three-month – up 13.78%; previous six-month period – up 14.00%; and past twelve-month period – up 14.23%
After last Friday's close, IAMGOLD's market cap was at $2.76 billion.
Price to Earnings (P/E) ratio was at 4.83.
The stock is part of the Basic Materials sector, categorized under the Gold industry.
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