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Kinross Gold Down 1% After Hours as its First-Quarter Profit Rises 22% and Matches Expectations.

05/11/2021 13:26

05:25 PM EDT, 05/11/2021 (MT Newswires) -- Kinross Gold (K.TO) was down 1% in after-hours New York trading after the company on Tuesday said its first-quarter profit rose 22% on higher gold prices and lower costs.

The company said it earned US$149.5 million, or US$0.12 per share, in the period, up from US$122.7 million, or US$0.10, in the first quarter of 2020. Adjusted earnings, which exclude most-one time items, rose 51% to US$192.8 million, or US$0.15 per share, matching the average analyst estimate for the measure, according to Capital IQ.

Revenue rose 12% to US$986.5 million.

Kinross sold 548,777 gold-equivalent ounces in the quarter, down 0.8%, while its average price per gold-equivalent ounce rose 13% to US$1,787.

"We are well-positioned to continue generating strong cash flow through the year, are on track to meet our annual guidance, and we are in an excellent financial position. Our three largest producing mines - Paracatu, Kupol and Tasiast - delivered our lowest costs for the quarter, with Paracatu and Tasiast achieving record quarterly throughput," chief executive Paul Rollinson said in a release.

All-in sustaining costs per gold-equivalent ounce fell to US$975 from US$993 in the year-prior quarter.

Kinross shares were down US$0.08 to US$7.58 after hours. The shares closed down C$0.04 to C$9.31 on the Toronto Stock Exchange.

Price: 9.31, Change: -0.04, Percent Change: -0.43