NYSE$GFI
Gold Fields Ltd-ADR · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Gold Fields closed Q4 2023 with a production rebound and improved cash flow, although costs remained elevated and net debt was slightly reduced.
In Q4 2023, Gold Fields delivered strong gold production of 608,000 ounces, up from Q3. All-in sustaining costs increased slightly to $1,372/oz, and AIC rose to $1,632/oz. Adjusted free cash flow totaled $367M. Net income attributable to shareholders reached $703M for the year, with Q4 EPS at $0.79 and normalised EPS at $1.01. Net debt ended the year at $1.024B, down from $1.141B in Q3.
- Gold production rose to 608,000 ounces in Q4 2023, up from 542,000 in Q3.
- AISC reached $1,372/oz and AIC $1,632/oz amid cost inflation and project capex.
- Free cash flow totaled $367M in Q4, supporting dividend payouts.
- Net debt improved to $1.024B, with a net debt to EBITDA ratio of 0.42x.
Headline financials
Revenue & EPS history
Gold Fields · Revenue · Quarterly
$1.21B
Forward guidance
Gold Fields expects higher production in 2024, driven by Salares Norte ramp-up and continued asset performance, though cost pressures and capital expenditure remain elevated.
Tailwinds
- FY24 production guided between 2.33–2.43Moz
- Ramp-up of Salares Norte on track for first gold in April 2024
- Increased investment in renewables, including $195M microgrid at St Ives
- Strong performance from Australia and Ghana regions expected to continue
- Net debt position improved, maintaining financial flexibility
Headwinds
- AIC expected to rise to $1,600–$1,650/oz in FY24
- Sustaining capital to increase significantly, especially at Gruyere and St Ives
- Salares Norte project saw delay in gold production ramp-up
- Global inflationary cost pressures to persist into FY24
- Free cash flow may tighten under high capex and cost structure
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2023
-0.5%
Avg return
Earnings day
+1.7%
Avg return
5 days after
+7.5%
Avg return
30 days after
46%
17 / 37 earnings
Positive
+16.4%
Q2 2015
Best reaction
-11.7%
Q4 2014
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2023 | -4.4% | -8.2% | +11.8% | |
| Q3 2023 | +0.3% | +5.5% | +24.3% | |
| Q2 2023 | -10.0% | -7.9% | -3.4% | |
| Q1 2023 | -1.1% | -0.9% | -3.1% | |
| Q4 2022 | +1.7% | +6.7% | +18.8% | |
| Q2 2022 | -2.6% | -2.3% | -6.4% | |
| Q4 2021 | +3.7% | -5.5% | -13.6% | |
| Q3 2021 | +0.1% | +4.5% | -6.9% | |
| Q2 2021 | +1.9% | +3.6% | +10.8% | |
| Q4 2020 | +9.0% | +10.1% | +0.9% | |
| Q2 2020 | +2.6% | +1.0% | +39.8% | |
| Q4 2019 | +8.8% | +18.8% | +50.1% | |
| Q2 2019 | -6.3% | -4.3% | +3.9% | |
| Q4 2018 | -1.6% | +2.7% | +7.3% | |
| Q2 2018 | -0.8% | +2.2% | +3.1% | |
| Q4 2017 | -1.0% | -1.3% | +1.6% | |
| Q2 2017 | +0.0% | +4.4% | +18.5% | |
| Q4 2016 | -1.9% | -1.6% | -6.8% | |
| Q2 2016 | +5.5% | +3.8% | -8.6% | |
| Q4 2015 | -6.4% | — | — | |
| Q3 2015 | +15.2% | — | — | |
| Q2 2015 | +16.4% | — | — | |
| Q1 2015 | -10.0% | — | — | |
| Q4 2014 | -11.7% | — | — | |
| Q3 2014 | +0.3% | — | — | |
| Q4 2013 | +5.2% | — | — | |
| Q2 2013 | +0.2% | — | — | |
| Q4 2012 | -7.6% | — | — | |
| Q2 2012 | -1.6% | — | — | |
| Q4 2011 | -0.8% | — | — | |
| Q2 2011 | -1.8% | — | — | |
| Q1 2011 | +1.4% | — | — | |
| Q2 2010 | +1.4% | — | — | |
| Q4 2010 | +1.5% | — | — | |
| Q4 2008 | -7.6% | — | — | |
| Q4 2009 | -7.6% | — | — | |
| Q4 2007 | -7.6% | — | — |
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