Stock Monitor: B2Gold Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 4, 2018 / If you want access to our free earnings report on Yamana Gold Inc. (NYSE: AUY) ("Yamana"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AUY. The Company reported its first quarter fiscal 2018 operating and financial results on May 03, 2018. The gold producer surpassed revenue estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the three months ended March 31, 2018, Yamana delivered revenues of $449.7 million, up 11% compared to $403.5 million in Q1 2017. The Company's revenue numbers exceeded analysts' estimates by $17.89 million.
During Q1 2018, Yamana's net loss from operations was $160.6 million, with $160.1 million, or $0.17 per diluted share attributable to Yamana's equity holders. The Company's results for the reported quarter included a $174.0 million before tax non-cash accounting carrying value reduction related to the Company's interest in Brio Gold. Yamana had reported flat earnings, or $0.0 per diluted share, for Q1 2017.
Barring one-time items, Yamana's adjusted earnings came in at a penny per share, matching Wall Street's estimates.
During Q1 2018, gold equivalent ounce (GEO) production from Yamana Mines was 211,246, including 199,555 ounces of gold and 899,261 ounces of silver. The Company's total attributable gold production was 248,088 ounces of gold, including attributable production from Gualcamayo and Brio Gold. Yamana also produced 30.4 million pounds of copper in the reported quarter.
For Q1 2018, costs for Yamana Mines included all-in sustaining costs (AISC) on a by-product basis of $714 per GEO; cash costs on a by-product basis of $454 per GEO; and total cost of sales of $1,037 per GEO.
During Q1 2018, Yamana's adjusted cash flows from operating activities before net change in working capital were $146.5 million. The Company's cash flows from operating activities were $122.4 million in the reported quarter and cash flows from operating activities before net change in working capital were $206.4 million. This included a $67.9 million payment to settle certain tax contingencies in Brazil and $127.8 million received from the Company's copper advanced sales program, both of which were previously reported on February 15, 2018.
Yamana's balance sheet as at March 31, 2018, included cash and cash equivalents of $129.3 million, and available credit, excluding Brio Gold, of $827.8 million, for a total liquidity to the Company of approximately $1.0 billion. The Company's net debt decreased by $163.5 million from December 31, 2017, notwithstanding capital expenditure while Cerro Moro was in development.
Yamana's gold production exceeded plans for Q1 2018 with mine site costs in-line with, or better than planned. The Company reiterated its production and cost guidance for 2018 and continued to expect approximately 47% of total gold production from Yamana Mines and 46% of total copper production to be delivered in H1 2018. This production weighting is before consideration for the Company's newest mine, Cerro Moro, where first ore was fed to the mill on April 25, 2018. The Company stated that activities at Cerro Moro during Q1 2018 have positioned the operation to deliver on production expectations in 2018.
Cerro Moro is expected to contribute meaningfully to Yamana's planned growth at costs significantly below the Company's current average cost structure. This is expected to lead to a step change in cash flows and free cash flows beginning in H2 2018.
Stock Performance Snapshot
June 01, 2018 - At Friday's closing bell, Yamana Gold's stock declined 1.37%, ending the trading session at $2.87.
Volume traded for the day: 8.76 million shares.
Stock performance in the previous six-month period ? up 7.89%; and past twelve-month period ? up 12.99%
After last Friday's close, Yamana Gold's market cap was at $2.76 billion.
The stock has a dividend yield of 0.70%.
The stock is part of the Basic Materials sector, categorized under the Gold industry. This sector was up 0.2% at the end of the session.
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