Kirkland Lake hits record earnings on higher gold production, prices
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(Kitco News) - The higher gold price continues to drive strong earnings for gold miners after Kirkland Lake reported a record earnings per share in the third quarter.
Wednesday night, after the North American close, the mid-tier gold producer reported net earnings of $176.6 million or $0.84 per basic share. It more than tripled net earnings of $55.9 million, or $0.27 per basic share in the third quarter of 2018 and was 69% higher than $104.2 million, or $0.50 per basic share from the previous quarter. Meanwhile, adjusted net earnings in the third quarter were the same as net earnings and increased 188% from $61.4 million or $0.29 per basic share in the third quarter of 2018 and 67% from $105.5 million, or $0.50 per basic share in the second quarter of 2019.
The Company announced a $0.02 per share increase to the quarterly dividend, to $0.06 per share, commencing with the fourth quarter 2019 dividend payment to be paid in January 2020.
Kirkland also reported record free cash flow of $181.3 million, more than triple the third quarter 2018 and Q2 2019 levels of $53.1 million and $54.4 million, respectively.
Looking at production, the company said that so far this year it has produced 694,873 ounces of gold, up 41% increase compared to 492,484 ounces for YTD 2018.