Kinross Gold Beats Q2 Earnings Estimates Despite Missed Revenue Projections
Kinross Gold Corporation (KGC) has reported its Q2 earnings, beating estimates due to higher gold prices. The company's adjusted earnings per share were $0.71, a 61.4% increase from last year's $0.44. This exceeded the Zacks Consensus Estimate of $0.66 by 7.6%. Revenues increased 29.5% year-over-year to $2.2 billion but missed the consensus estimate of $2.3 billion by 2%.
The higher realized gold prices, which rose 36.5% to $4,483 per ounce, supported the revenue growth. However, production costs increased due to higher fuel expenses and elevated labor costs. The company's attributed all-in sustaining cost per gold-equivalent ounce sold rose 22% to $1,821.
Kinross remains on track to meet its 2026 annual guidance, with projected attributable production of 2 million gold-equivalent ounces (+/- 5%). The company also plans to return 40% of its free cash flow to shareholders. Kinross has already repurchased over $480 million in shares and returned approximately $615 million to shareholders year-to-date.