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Canada's Kinross Gold Q3 revenue falls on lower production

By Reuters News


Overview

  • Canada gold miner's Q3 revenue fell 2% yr/yr on lower production

  • Company raised return of capital target to 50% of free cash flow, repurchased 5% of shares since April 2025


Outlook

  • Kinross says it remains on track for its updated 2026 guidance

  • Company increased 2026 return of capital commitment to 50% of free cash flow

  • Kinross targets first production at Lobo-Marte in the early 2030s


Result Drivers

  • LOWER PRODUCTION - Co said Q3 production fell due to planned lower output from Fort Knox and Bald Mountain, and reduced production at La Coipa and Round Mountain

  • HIGHER GOLD PRICES - Co said improved margins and adjusted net earnings were driven by a 23% yr/yr increase in average realized gold price

  • INCREASED COSTS - Co said production cost of sales rose due to higher energy, contractor and reagent costs, lower production, and increased royalty costs from higher gold prices


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Metal Sales

$1.77 bln

Q3 EPS

$0.49

Q3 Adjusted Net Income

$591.3 mln

Q3 Capex

$439.6 mln

Q3 Free Cash Flow

$281.30 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the gold peer group is "buy"

  • Wall Street's median 12-month price target for Kinross Gold Corporation is C$53.00, about 64% above its October 27 closing price of C$32.31

  • The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 7 three months ago


Reuters Recommended Reads

  • Oct 27 - Freeport-McMoRan Q3 revenue rises on higher copper prices

  • Oct 27 - Freeport tops profit estimates on copper rally as Grasberg recovery continues

  • Oct 28 - Canada's Amerigo Resources Q3 net income surges on higher copper prices


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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