KGC - Kinross Gold slips after Q1 miss production decline

Kinross Gold ([[KGC]] -2.2%) opens lower after reporting Q1 earnings and revenues missed analyst estimates, as production fell compared with the same quarter last year.Q1 GAAP earnings gained 22% Y/Y to $149.5M, or $0.12/share, from $122.7M, or $0.10/share, a year earlier.Q1 production fell 2% Y/Y to 558,777 gold equiv. oz., attributed to lower production at the Tasiast and at Round Mountain mines, partially offset by higher production at Bald Mountain.Q1 free cash flow fell 30% Y/Y to $75.6M, citing increases in income taxes paid and capital spending, partially offset by increased margins.Kinross says it is on track to meet FY 2021 production guidance of 2.4M gold equiv. oz., largely driven by anticipated higher production at Paracatu and expected higher Q4 production at Tasiast.

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Kinross Gold slips after Q1 miss, production decline