Kinross Q4 Profit Increases

(RTTNews) - Kinross Gold Corp. (K.TO, KGC) reported that its fourth-quarter net earnings increased to $783.3 million or $0.62 per share, from $521.5 million or $0.41 per share last year.

Adjusted net earnings more than doubled to $335.1 million, or $0.27 per share from $156.0 million, or $0.13 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share for the fourth-quarter. Analysts' estimates typically exclude special items. Quarterly revenue increased 20% to $1.20 billion from $996.2 million in the prior year. Analysts expected revenue of $1.22 billion for the quarter.

Looking forward, the company expects to continue its consistent performance in 2021. It expects gold equivalent production to grow by 20% to 2.9 million ounces in 2023, and to produce an average of 2.5 million ounces annually to 2029.