Endeavour’s Q1 results were characterised by record revenue, record adjusted EBITDA and record operating cash flow. At least as importantly, all operations were reported to be operating near normal and all of Endeavour’s employees who had contracted COVID-19 were reported to have recovered. Gold production in Q120 was 10.5koz (6.5%) in excess of our forecasts, which drove a positive variance of US$20.0m in revenue, only partially offset by tax and minority charges to result in a US$6.3m positive variance in attributable profits. As a result, at 30.3c/share, adjusted net earnings per share were materially ahead of both Edison’s and the market’s forecasts of 21.5c and 24.0c for the quarter, respectively.
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