US LNG exports surge but will buyers in China turn up?
TORONTO - Alamos Gold Inc (NYSE:AGI). reported second quarter earnings that exceeded analyst expectations, driven by increased gold production and higher realized gold prices. The company posted adjusted earnings of $0.34 per share, beating the analyst consensus estimate of $0.32.
Revenue for the quarter reached a record $438.2 million, slightly below the consensus estimate of $438.56 million but representing significant growth from previous periods. The company sold 135,027 ounces of gold at an average realized price of $3,223 per ounce. Following the earnings release, Alamos shares edged up 0.7% in trading.
Gold production increased to 137,300 ounces in the second quarter, representing a 10% rise from the first quarter and aligning with the company’s quarterly guidance. The production boost helped drive record cash flow from operating activities, which reached $199.5 million, marking a 151% increase from the previous quarter.
"We expect further production growth into the second half of the year driven by a combination of higher grades and milling rates, and remain on track to achieve full year production guidance. Given external factors related to our higher share price and gold price, as well as the slower start to the year at Magino and Young-Davidson, we have increased our annual cost guidance.
This is not reflective of our long-term outlook with costs expected to continue to improve into the second half of the year, and a more substantial decrease expected over the next several years,” said John A. McCluskey, President and Chief Executive Officer.
Alamos Gold continues to benefit from the robust gold price environment while maintaining consistent production levels across its operations.
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