LONDON, UK / ACCESSWIRE / June 13, 2018 / If you want access to our free earnings report on Kinross Gold Corp. (NYSE: KGC), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=KGC. Kinross Gold reported its first quarter and fiscal 2018 operating and financial results on May 08, 2018. The gold mining company outperformed top- and bottom-line expectations. Additionally, the Company provided production guidance. 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 fiscal 2018, Kinross' revenue from metal sales increased 13% to $897.2 million compared to $796.1 million during Q1 2017, due to an increase in gold equivalent ounces sold and a higher realized gold price. The Company's reported numbers exceeded analysts' estimates of $816.0 million.
Kinross reported net earnings of $106.1 million, or $0.09 per share, for Q1 2018, compared to earnings of $134.6 million, or $0.11 per share, in Q1 2017.
Kinross' adjusted net earnings increased to $125.2 million, or $0.10 per share, in Q1 2018 compared to adjusted net earnings of $23.4 million, or $0.02 per share, for Q1 2017. The increase was mainly due to higher margins and a decrease in depreciation, depletion, and amortization. The Company's reported numbers surpassed Wall Street's estimates of $0.05 per share.
During Q1 2018, Kinross produced 653,937 attributable gold equivalent ounces (Au eq. oz.) compared to 671,956 Au eq. oz. in Q1 2017.
Kinross' average realized gold price in Q1 2018 increased to $1,330 per ounce compared to $1,220 per ounce in Q1 2017. The Company’s attributable margin per Au eq. oz. sold was $672 per Au eq. oz. for the reported quarter compared to Q1 2017 margin of $519 per Au eq. oz.
During Q1 2018, Kinross' production cost of sales per Au eq. oz. decreased to $658 compared to $701 for Q1 2017. The Company's production cost of sales per Au oz. on a by-product basis was $644 in the reported quarter compared to $686 in the prior year's same quarter, based on Q1 2018 attributable gold sales of 654,451 ounces and attributable silver sales of 1,091,061 ounces.
For Q1 2018, Kinross' All-in sustaining cost (AISC) per Au eq. oz. sold decreased to a record low of $846 in Q1 2018 compared to $953 in Q1 2017. The Company's AISC per Au oz. sold on a by-product basis decreased to $835 in the reported quarter compared to $945 in the prior year's same quarter.
As of March 31, 2018, Kinross had cash and cash equivalents of $997.9 million compared to $1,025.8 million at December 31, 2017. The Company also had available credit of $1.57 billion, for total liquidity of approximately $2.6 billion, and no debt maturities until 2021.
During Q1 2018, S&P Global Ratings upgraded Kinross' credit rating to investment grade, noting the Company’s long track record of maintaining low leverage along with its lower cash costs, strong liquidity, and meaningful growth opportunities.
For Q1 2018, Kinross' net operating cash flow was $293.5 million compared to $207.8 million for Q1 2017. The Company's adjusted operating cash flow increased by 45% to $363.7 million compared to $250.9 million for the prior year's same quarter. Kinross' capital expenditures increased to $246.9 million for Q1 2018 compared to $178.9 million for Q1 2017, mainly due to increased spending at Tasiast and Round Mountain mines.
Kinross expects to produce 2.5 million Au eq. oz. (+/- 5%) for full year 2018, and at or slightly above the same level of production for 2019 and 2020. The Company expects production cost of sales per Au eq. oz. to be $730 (+/- 5%) and all-in sustaining cost to be $975 (+/- 5%) per ounce sold on both a gold equivalent and by-product basis for FY 2018.
For FY18, Kinross is anticipating total capital expenditures to be approximately $1.08 billion (+/- 5%), which include sustaining capital of $355 million and non-sustaining capital of approximately $680 million to advance the Company's development projects.
Stock Performance Snapshot
June 12, 2018 - At Tuesday's closing bell, Kinross Gold's stock advanced 1.92%, ending the trading session at $3.71.
Volume traded for the day: 6.70 million shares.
Stock performance in the previous three-month period – up 3.34%
After yesterday's close, Kinross Gold's market cap was at $4.65 billion.
Price to Earnings (P/E) ratio was at 11.21.
The stock is part of the Basic Materials sector, categorized under the Gold industry.
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