Kinross Gold Earnings: Here’s Why the Stock is Falling Now
Kinross Gold Corporation (NYSE:KGC) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.38%.
Kinross Gold Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 16.67% to $0.15 in the quarter versus EPS of $0.18 in the year-earlier quarter.
Revenue: Rose 2.07% to $1.06 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Kinross Gold Corporation reported adjusted EPS income of $0.15 per share. By that measure, the company beat the mean analyst estimate of $0.13. It beat the average revenue estimate of $1.03 billion.
Quoting Management: J. Paul Rollinson, CEO, made the following comments in relation to first-quarter 2013 results:
“Our continued focus on operational fundamentals contributed to solid results in the first quarter, as production was higher and cost of sales per ounce was lower than the same period last year. We are on target to meet our annual guidance for production and cost of sales at each of our regions, and company-wide.
“We continue to focus on margin and cash flow, versus production at any cost, in our mine planning and production decisions. At the same time, we continue to pursue opportunities to reduce capital spending and operating costs across our operations.
“During the quarter, we made excellent development progress at Dvoinoye, and completed the Tasiast pre-feasibility study on schedule. We are proceeding to a feasibility study at Tasiast, and plan to make a decision on whether to proceed with construction of an expanded operation following completion of the study.”
Key Stats (on next page)…