- Equinox Gold ( NYSE: EQX ) shares fell 14% on Thursday after the company reported revenue lighter than expected alongside higher costs in its third quarter earnings .
- Revenue of $245.1M (flat Y/Y) missed consensus by $6.25M.
- The average realized gold price of $1,711 per ounce fell short of all-in sustaining cost of $1,749 per ounce, reflecting global inflationary pressures coupled with lower than planned production, the company said.
- Total 143,615 ounce of gold was produced during the quarter while Equinox sold 4% more gold ounces in Q3 2022 compared to a year ago.
- Adjusted EBITDA was $25.7M (Q3 2021 - $62.9M).
- Non-GAAP EPS was -$0.09.
- The company ended the quarter with cash and cash equivalents of $141.9M. Increased the revolving credit facility from $400M to $700M at the quarter end.
- Outlook: "Based on production to date, we expect full-year production to be approximately 540,000 ounces of gold and costs to exceed the upper end of guidance by approximately five percent," commented President and CEO Greg Smith.
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Equinox Gold slides after higher costs impact Q3 2022 earnings