CA - Endeavour Mining beats Q4 top and bottom line estimates; reaffirms FY23 outlook

2023-03-09 02:40:44 ET

• Endeavour Mining press release ( OTCQX:EDVMF ): Q4 Non-GAAP EPS of $0.26 beats by $0.09 .
• Revenue of $617M (-7.4% Y/Y) beats by $26.49M .
• Q4-2022 production of 355koz at an AISC of $954/oz.
• Operating Cash Flow of $311M, or $1.26/share, in Q4-2022.
• Strong financial position at year-end with $121M of net cash, up $45M over the previous year.
• Gold sales from continuing operations increased from 338koz in Q3-2022 to 352koz in Q4-2022.
• Outlook: As published on 23 January 2023, the production guidance for FY-2023 amounts to 1,325-1,425koz, which marks an increase over the FY-2022 guidance of 1,315-1,400koz, while Group AISC is expected to remain consistent with that achieved over recent quarters at $940-995/oz.
• Total mine capital expenditure for FY-2023 is expected to remain consistent with that achieved in FY-2022 at approximately $370 million, consisting of $165.0 million for sustaining capital expenditure and $205.0 million for non-sustaining capital expenditure.
• Growth capital spend for FY-2023 is expected to amount to $400 million.
• Exploration will continue to be a strong focus in FY-2023 with a company-wide exploration budget of $70 million, of which approximately 50% is expected to be expensed and 50% is expected to be capitalised.

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