Here's Why Alamos Gold Climbed 18% in August
Shares of Alamos Gold (NYSE: AGI), a Canada-based intermediate gold producer, rose 18% in August, according to S&P Market Intelligence. Alamos Gold reported earnings -- excluding one-time charges -- of $0.04 per share, beating analysts' second-quarter earnings estimates of $0.01 per share. In addition to the earnings beat, there were several other highlights that delighted investors, driving the stock higher.
After producing 105,900 ounce of gold -- a quarterly record -- Alamos Gold also reported operating revenue of $131.3 million. The company saw gold production at all three of its sites increase but most noticeable was Young-Davidson, which reported a quarterly record of 47,300 gold ounces. According to management, higher throughput rates and grades were responsible for the record achievement in the last quarter, and the same factors will yield similar results in the next quarter. On the conference call, John McCluskey, Alamos' president and CEO, reported that the mine produced 20,000 gold ounces in July and will likely set a new production record in the third quarter.
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Source: Fool.com
