Why Gold Fields Limited Stock Dropped Today
Shares of Gold Fields Limited (NYSE: GFI) plunged 10.3% on Thursday, according to data provided by S&P Global Market Intelligence, after the gold mining firm released in-line first-half 2023 earnings, modestly reduced its outlook for two mines and announced the retirement of its Chief Financial Officer.
The South Africa-based mining company announced that its first-half net income declined 10.2% year over year to $457.8 million. Headline earnings fell to $0.51 per share from $0.58 per share in last year's first half, right at the midpoint of guidance for a per-share range of $0.49 to $0.53. Gold Fields also saw its adjusted free cash flow plunge significantly to $140 million for the period, down from $293 million in last year's first half.
Gold Fields' first-half attributable gold equivalent production declined to 1.15 million ounces (Moz), again in line with guidance but down from 1.2Moz a year earlier.
Source Fool.com
