Canada's Kinross Gold Q2 revenue, profit benefit from higher prices
KGC•Drivers of the quarter
- Higher gold prices - Revenue and margins rose mainly due to a 37% increase in average realized gold price yr/yr
- Cost pressures - Production cost of sales per ounce increased, mainly due to higher fuel, royalty, and labor costs
- Mixed mine performance - Higher output at Tasiast and Paracatu offset lower production at Bald Mountain, Round Mountain and Fort Knox
Key financial details and analyst coverage
| Metric | Actual |
|---|---|
| Q2 Metal Sales | $2.24 bln |
| Q2 EPS | $0.71 |
| Q2 Adjusted Net Income | $847.80 mln |
| Q2 Attributable Free Cash Flow | $726.8 mln |
| Q2 Capex | $411 mln |
| Q2 Free Cash Flow | $726.80 mln |
- The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
- The average consensus recommendation for the gold peer group is "buy"
- Wall Street's median 12-month price target for Kinross Gold Corp is C$57.00, about 71.6% above its July 28 closing price of C$33.21
- The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 10 three months ago
Q2 revenue and profit rise on higher gold prices
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