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Investing.com -- Kinross Gold Corporation (NYSE:KGC) shares jumped 3.3% after the gold miner reported second-quarter earnings that significantly exceeded analyst expectations, driven by higher gold prices and strong operational performance.
The company posted adjusted earnings of $0.44 per share for the quarter, handily beating the analyst estimate of $0.32. Revenue surged to $1.73 billion, well above the consensus forecast of $1.47 billion and representing a 42% increase YoY from $1.22 billion in Q2 2024.
Kinross produced 512,574 gold equivalent ounces during the quarter while benefiting from an average realized gold price of $3,284 per ounce, up 40% from $2,342 in the same period last year. This price increase helped drive margins up 68% to $2,204 per gold equivalent ounce sold, significantly outpacing the rise in gold prices.
"Our portfolio of mines continued to perform well during the quarter contributing to a strong first half of the year and positioning us well to achieve our full-year guidance," said J. Paul Rollinson, CEO of Kinross. "We also delivered record free cash flow of approximately $650 million, which increased by 74% compared with the previous quarter."
The company generated $992.4 million in operating cash flow, up from $604.0 million in Q2 2024. Attributable free cash flow reached a record $646.6 million, an 87% increase from $345.9 million a year earlier.
Kinross remains on track to meet its annual guidance of 2.0 million gold equivalent ounces (±5%) at a production cost of $1,120 per ounce (±5%). The company has returned approximately $300 million to shareholders year-to-date, including $225 million in share repurchases.
With cash and cash equivalents of $1.14 billion as of June 30, 2025, and total liquidity of approximately $2.8 billion, Kinross continues to strengthen its balance sheet while advancing its development projects, including Great Bear and Round Mountain Phase X.
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