Kinross Gold Corporation KGC recorded third-quarter 2024 profit of $355.3 million or 29 cents per share compared with $109.7 million or 9 cents per share in the year-ago quarter. Adjusted earnings per share were 24 cents compared with 12 cents in the prior-year quarter. It beat the Zacks Consensus Estimate of 18 cents.

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Revenues rose 29.9% year over year to $1,432 million, surpassing the Zacks Consensus Estimate of $1,186.7 million. The company benefited from higher average realized gold prices.

Kinross Gold Corporation Price, Consensus and EPS Surprise

Kinross Gold Corporation price-consensus-eps-surprise-chart | Kinross Gold Corporation Quote

KGC’s Operational Performance

The company produced 564,106 gold equivalent ounces in the reported quarter, down 4% year over year. The reported figure was higher than our estimate of 528,770 gold equivalent ounces. Average realized gold prices were $2,477 per ounce, up around 28.4% from the year-ago quarter’s figure. The reported figure was higher than our estimate of $2,244 per ounce.

The production cost of sales per gold equivalent ounce was $976, up around 7.1% from the prior-year quarter. The reported figure was lower than our estimate of $997. All-in-sustaining cost per gold equivalent ounce sold rose roughly 4.2% year over year to $1,350. The reported figure was lower than our estimate of $1,372.

Margin per gold equivalent ounce sold was $1,501 in the quarter, up 47% from the prior quarter’s level of $1,018.

Kinross’ Financial Review

Operating cash flow was $733.5 million in the third quarter of 2024 compared with $406.8 million a year ago.

Free cash flow was $414.6 million compared with $137.7 million in the prior-year quarter.

KGC’s Outlook

Kinross remains on track to meet its production guidance of 2.1 million gold equivalent ounces (+/- 5%) and production cost of sales, all-in-sustaining cost and capital expenditure guidance for 2024. Kinross' annual production is projected to remain stable in 2025 and 2026, at around 2 million Au eq. oz.

KGC Stock’s Price Performance

Shares of Kinross have soared 103.3% in the past year compared with a 45.8% upside of the industry.

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KGC's Zacks Rank & Other Mining Releases

KGC currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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