Why SSR Mining Stock Popped Today
Shares of gold miner SSR Mining (NASDAQ: SSRM) had jumped 9.7% at 2:45 p.m. ET on Wednesday after the company announced this morning that it had met consensus targets for its fourth-quarter earnings and beat expectations on sales quite soundly.
Heading into the quarter, analysts had forecast that SSR would earn $0.46 per share (adjusted) on sales of $382 million in the fourth quarter. And while SSR did indeed report a $0.46 per share profit, it far exceeded analysts' target with $407.9 million in sales.
That might not exactly sound like good news since SSR Mining did $26 million more business than expected, but didn't make any more profit than predicted. (Earnings declined by about 8% year over year in the quarter.) Still, CEO Rod Antal called the quarterly performance "strong" and noted that it capped off "a year of operational outperformance, strong free cash flow generation and peer-leading capital returns [with] full-year gold equivalent production at the top-end of our 2021 guidance range."
Source Fool.com
