Kinross Gold's Q4 Earnings Miss Estimates, Revenues Beat

Financial Performance - Kinross Gold Corporation (KGC) reported a fourth-quarter 2024 profit of $275.6 million or 22 cents per share, a significant increase from $65.4 million or 6 cents in the same quarter last year [1] - Adjusted earnings for the quarter were 20 cents per share, up from 11 cents year-over-year, although it missed the Zacks Consensus Estimate of 23 cents [1] - Revenues increased by 26.9% year-over-year to $1,415.8 million, surpassing the Zacks Consensus Estimate of $1,108.1 million [1] Operational Performance - The company produced 514,355 gold equivalent ounces in the reported quarter, a decrease of 5.9% year-over-year, but exceeded the estimate of 443,981 ounces [2] - Average realized gold prices were $2,663 per ounce, up 34.9% from the previous year, beating the estimate of $2,439 per ounce [2] Cost and Margin Analysis - The production cost of sales per gold equivalent ounce was $1,098, an increase of 12.5% from the prior year, above the estimate of $1,089 [3] - All-in-sustaining cost per gold equivalent ounce sold rose approximately 11.6% year-over-year to $1,510, exceeding the estimate of $1,393 [3] - Margin per gold equivalent ounce sold was $1,565 in the quarter, up from $998 in the prior-year quarter [3] Annual Results - For the full year 2024, adjusted earnings were 68 cents per share compared to 44 cents a year ago, with net sales climbing 21.4% year-over-year to $5,148.8 million [4] Financial Position - Cash and cash equivalents at the end of the year were $611.5 million, a 73.5% increase year-over-year [5] - Long-term debt decreased to $1,235.5 million, down about 44.6% [5] Future Outlook - For 2025, KGC expects production to be around 2 million gold equivalent ounces (+/- 5%) and production cost of sales of $1,120 per gold equivalent ounce (+/- 5%) [6] - The company anticipates all-in-sustaining cost per gold equivalent ounce of $1,500 for 2025 and attributable capital expenditures of approximately $1,150 million (+/- 5%) [6] Stock Performance - Kinross shares have surged 122.4% over the past year, compared to a 55% rise in the industry [7]