Q: Please comment on quarterly results for K-T. Thank you.
5i Research Answer:
Kinross reported EPS of $0.1372 beat estimates of $0.0828 and revenues of $1.48B beat estimates of $1.39B. Its gold production increased 13% year-over-year, and its margins increased by 20%, outpacing the rise in the average realized gold price. It is on track to meet its annual guidance, and its balance sheet is healthy, with strong free cash flow generated in the quarter, adding roughly $50M to its cash balance. The company is making strong progress on its 2024 drilling campaign, and aims to prioritize maintaining its margins and cost profile, prudent capital allocation and debt reduction. Overall, this was a good quarter and we feel investors should be pleased with the results.