Richmont Mines, Inc. (RIC) Tops Q2 EPS by 4c, Beats on Revenues

Richmont Mines, Inc. (NYSE: RIC) reported Q2 EPS of $0.12, $0.04 better than the analyst estimate of $0.08. Revenue for the quarter came in at $44 million versus the consensus estimate of $42.6 million.

Second Quarter Highlights

• Company-wide production was 31,249 ounces of gold (35,040 ounces sold) for the quarter, primarily driven by solid production from the Island Gold Mine of 26,110 ounces of gold (29,534 ounces sold).
• Company-wide cash costs1 for the quarter were $725 (US$539) per ounce, positively impacted by record low cash costs from the Island Gold Mine of $580 (US$431) per ounce.
• Company-wide All-In-Sustaining Costs1 ("AISC") of $957 (US$711) per ounce, positively impacted by record low AISC of $677 (US$503) per ounce from the Island Gold Mine.
• The Island Gold Mine remains on-track to meet, or beat, annual production and cost guidance.
• Second quarter revenues of $59.3 (US$44.1) million.
• Earnings of $10.5 (US$7.8) million, or $0.17 (US$0.12) per share.
• Operating cash flow1 (before changes in non-cash working capital) was $24.9 (US$18.5) million, or $0.39 (US$0.29) per share.
• Net free cash flow1 was $19.2 (US$14.3) million, or $0.30 (US$0.22) per share.
• Cash balance at the end of the quarter increased to $95.9 (US$73.9) million, an increase of $20.7 (US$15.4) million over the first quarter; working capital increased to $81.4 (US$62.7) million.
• The results of the Expansion Case Preliminary Economic Assessment ("PEA") were released during the second quarter, supporting strong production growth of 22% at low industry cash costs and a robust cash flow stream over an initial eight-year Phase 1 period. The ramp-up is currently advancing and the mill is anticipated to achieve the target run rate of 1,100 tonnes per day in the latter part of 2018 once the expansion is completed.
• On July 27, 2017 the Corporation provided an update from its strategic exploration drilling program currently underway at the Island Gold Mine. Recent exploration drilling has intersected high-grade, wide mineralization in the down plunge extension of the main Island Gold deposit with Hole MH8-4 intersecting 19.85 g/t gold over 8.4 metres (true width and assays capped at 70 g/t gold).

For earnings history and earnings-related data on Richmont Mines, Inc. (RIC) click here.

You May Also Be Interested In

• Impinj (PI) Tops Q1 EPS by 11c, provides guidance
• O'Reilly Automotive (ORLY) Misses Q1 EPS by 7c, Offers Guidance
• Kaiser Aluminum (KALU) Tops Q1 EPS by 42c