07:47 AM EDT, 05/06/2020 (MT Newswires) -- Kirkland Lake Gold (KL.TO) reported (in US$) Q1 2020 net earnings of $202.9 million, $0.77 per diluted share, compared with $110.1 million, $0.52 per share in Q1 2019. Net earnings was boosted by higher gold sales and an improved realized price for the precious metal.

Adjusted net earnings for the quarter was $179.2 million, $0.70 per diluted share, versus $113.8 million, $0.54 per share, in Q1 2019.

Q1 revenue totalled $554.7 million, an increase of $249.8 million or 82% from $304.9 million in Q1 2019. Kirkland recorded a 48% increase in sales volumes (344,586 ounces versus 232,929 ounces in Q1 2019). Average gold price rose $279 per ounce to $1,586 per ounce in Q1 2020 versus $1,307 per ounce in Q1 2019.

Free cash flow was $130.9 million, while adjusted free cash flow for the quarter was $191.4 million, a record which was also more than double the $94.5 million of adjusted free cash flow in Q1 2019, Kirkland said. Contributing to the increase was $78 million of free cash flow from the Detour Lake Mine from January 31, 2020, the date it was acquired, to March 31, 2020.

The company withdrew its full year 2020 guidance on April 1. Kirkland also doubled its quarterly dividend to US$0.125 per share, paid on April 13, 2020 to shareholders of record on March 31, 2020.

Price: 60.54, Change: -0.01, Percent Change: -0.02