IGO Full Year 2024 Earnings: EPS Misses Expectations

IGO (ASX:IGO) Full Year 2024 Results

Key Financial Results

• Revenue: AU$841.3m (down 18% from FY 2023).
• Net income: AU$2.80m (down 100% from FY 2023).
• Profit margin: 0.3% (down from 54% in FY 2023).
• EPS: AU$0.004 (down from AU$0.72 in FY 2023).

IGO Production and Reserves

Nickel

• Production: 28,376 t (34,846 t in FY 2023)
• Proved and probable reserves (ore): 3.26 Mt (15.4 Mt in FY 2023)
• Number of mines: 2 (2 in FY 2023)

Copper

• Production: 9,922 t
• Proved and probable reserves (ore): 3.2 Mt (4.6 Mt in FY 2023)
• Number of mines: 1 (1 in FY 2023)

All figures shown in the chart above are for the trailing 12 month (TTM) period

IGO EPS Misses Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 99%.

The primary driver behind last 12 months revenue was the Nova Operation segment contributing a total revenue of AU$539.1m (64% of total revenue). Notably, cost of sales worth AU$459.6m amounted to 55% of total revenue thereby underscoring the impact on earnings.Over the last 12 months, the company's earnings were enhanced by non-operating gains of AU$434.8m. Explore how IGO's revenue and expenses shape its earnings.

Looking ahead, revenue is expected to decline by 53% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to grow by 1.1%.

Performance of the Australian Metals and Mining industry.

The company's shares are up 2.7% from a week ago.

Risk Analysis

You still need to take note of risks, for example - IGO has 3 warning signs we think you should be aware of.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.