Gold Miners’ Q4 Earnings to Fall 7 to 15 Percent

North American gold producers are expected to see a fall in earnings per share of between 7 and 15 percent when they report their fourth-quarter results, according to a report by Macquarie Equities Research quoted by Mineweb.

As quoted in the market news:

In their 4Q13 review, Macquarie forecast an average 7% decrease in earnings per share in the fourth quarter among the senior North American gold producers and a 15% decrease among the intermediates “as cost cutting continues to partially mitigate the impact of lower prices. With these estimate changes, our forecasts are now almost 20% below consensus for the senior and intermediate producers.”

Macquarie’s biggest target cuts include Kirkland Lake Gold (down 38% to $4), Detour Gold (down 17% to $10), Iamgold (down 14% to $4.50) and Yamana Gold (down 12% to $9.50).

Macquarie’s top equity picks include seniors Goldcorp and Silver Wheaton; intermediates: Osisko, B2Gold, Primero and Tahoe Resources; and juniors: Troy, Oceana Gold and SEMAFO.

Read the full Mineweb article here