Endeavour Mining, the Africa-focused gold miner, is scheduled to release its second-quarter results on Wednesday. Here are the key details:
Analysts estimate that Endeavour Mining will report quarterly revenue of $583 million. This represents a decline from $591 million in the first quarter and a decrease from the $629.6 million generated in the same period last year.
Earnings Per Share
Earnings per share are also expected to decrease, with the market consensus indicating 0.36 cents compared to 0.76 cents in the year-ago period.
Net Profit Outlook
Based on a FactSet poll, it is projected that net profit will reach $19 million for the quarter. While this represents an increase from $4 million in the previous quarter, it is a significant decline compared to the $189 million achieved a year prior.
Key Factors to Watch
The sale of non-core, high-cost mines in Burkina Faso in June has resulted in improved full-year cost guidance. Endeavour Mining now expects costs to range from $895 to $950 per ounce, compared to the previous estimate of $940 to $995 per ounce. For the quarter, analysts predict the company's all-in sustaining costs to be $1,185 per ounce, which is higher than the $1,022 per ounce recorded in Q1.
Tanda-Iguela Resource Update
Investors should pay attention to a resource update on the Tanda-Iguela discovery in Ivory Coast, as it has the potential to be a significant asset for Endeavour Mining. The Chief Executive, Sebastien de Montessus, has stated that they will provide a resource update later this year.
Last year, the company raised its dividend for the half-year by 43% to $100 million, or 40 cents per share. It is expected that a similar dividend will be declared for this half-year. Additionally, the company may reiterate its intention to provide $300 million in total shareholder returns for 2023.
Outlook for 2023
In addition to the full-year all-in sustaining costs, Endeavour Mining anticipates gold production of 1.06 million to 1.135 million ounces in 2023.
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