市场见解

What’s up with the Evolution (ASX: EVN) share price today?

The Evolution Mining Ltd (ASX: EVN) share price is on a rollercoaster today, following the release of the company’s quarterly results.
The post What’s up with the Evolution (ASX: EVN) share price today? appeared first on The Motley Fool Australia. –

ASX shares China GDP happy worker does the thumbs up, indicating a rising share price in mining or construction

The Evolution Mining Ltd (ASX: EVN) share price is lifting today following the release of the company’s quarterly results.

At the time of writing, the Evolution share price is up 1.2%, swapping hands for $4.79 after falling to an intraday low of $4.70 in early trade.

Let’s dive into the company’s performance through the quarter just been.

Evolution Mining’s third-quarter results

The results for the period ending 31 March are the company’s weakest in FY21.

Evolution recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of $110 million. In contrast, EBITDA was $227.1 million in the previous quarter.

Operating mine cash flow was 24% lower than in the second quarter, while total capital expenses were up. Group cash flow fell from around $99 million in the second quarter to around $39 million in the third, a 59% drop.

Not included in the EBITDA was the $119.6 million worth of interim dividends of 7 cents a share paid to Evolution shareholders. The company’s previous dividend was released in August 2020 and was 2 cents greater than that paid this quarter.

Evolution also paid $55.2 million worth of interest, taxes and debt repayments.

All of this combined resulted in the largest fall of the company’s cash balances in a single quarter so far this year.

In positive news, Evolution had $333.1 million in cash at the end of the quarter and bank debt of $500 million, leaving it with a net bank debt of $166.9 million.

The quarter that’s been for Evolution Mining

This quarter, Evolution became a participant in the world’s largest corporate sustainability initiative, the United Nations Global Compact. Doing so, it pledged to support the UN’s Ten Principles on human rights, labour, environment, and anti-corruption.

The company also announced an agreement to acquire Canadian gold miner Battle North for approximately C$343 million. The deal is awaiting a vote by Battle North’s shareholders.

The company’s injury frequency remained low, with its Mt Rawdon operations now 14 months injury-free.

The group’s all-in sustaining costs equated to US$980/oz. This makes Evolution one of the lowest cost major and mid-tier gold producers globally.

Heavy rainfall in March impacted the company’s Mt Rawdon operations, restricting access to higher grade ore. Its other projects have all continued as planned.

Evolution continues to manage COVID-19 across its operations.

Evolution share price snapshot

If today’s news continues to impact Evolution shares positively, they have a chance to get out of the ASX red. Currently, the Evolution share price is down by 9% year to date but only 4% over the last 12 months.

The company has a market capitalisation of around $8 billion, with approximately 1.7 million shares outstanding.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post What’s up with the Evolution (ASX: EVN) share price today? appeared first on The Motley Fool Australia.

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