Why Alamos Gold Stock Rocketed Nearly 13% Higher Today
Shares of precious metals miner Alamos Gold (NYSE: AGI) headed sharply higher as soon as trading began on Oct. 29. By 11 a.m. EDT, the stock had gained just shy of 13%. The main driver was the company's after-the-close earnings release on Oct. 28. But you need to read beneath the headline numbers here.
Alamos Gold's revenue in the third quarter was roughly $218 million, an increase of around 26% compared with the same period in 2019. Adjusted earnings came in at $0.15 per share, up from $0.06 in the prior year. With the gold miner able to hold its sustaining costs roughly flat year over year, the big change was the sizable 30% increase in its realized sales price of gold. All in, this was good reading, and it makes sense that investors were pleased.
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Source Fool.com
