Kinross Gold Corporation (TSX:K) after Wednesday’s close announced third quarter 2023 adjusted earnings per share (EPS) of US$0.12, up from US$0.05 a year earlier and better than the Zacks consensus forecast of US$0.10.
The senior gold mining company also saw its revenue for the period rise 29% year over year to US$1.1 billion, due to an increase in gold equivalent ounces sold and a better average realized gold price.
Analysts expected 3Q sales of US$964.04 million.
Kinross noted the average realized gold price from continuing operations in the quarter was US$1,929 per ounce, compared with US$1,732 during the same period last.
The company added that it remains on track to meet its 2023 annual guidance ranges for production, cost of sales per ounce, all-in sustaining cost and attributable capital expenditures, but cautioned that it is tracking in the lower end of its 2023 production cost of sales guidance and the higher end of its capital expenditure guidance.
Shares of Kinross Gold climbed 5% to C$7.60 in late-morning trading on Thursday and have gained 30% year to date.
Contact Sean at sean@proactiveinvestors.com