The Northern Star Resources Ltd (ASX: NST) share price is charging higher today.
Shares in the S&P/ASX 200 Index (ASX: XJO) gold miner closed yesterday trading for $14.90. In morning trade of Thursday, shares are changing hands for $15.20 apiece, up 2.0%.
For some context the ASX 200 is up 0.3% at this same time.
This outperformance follows the release of Northern Star's financial results for the year ended 30 June (FY 2024).
Read on for the highlights.
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Northern Star share price lift on surging earnings
- Record cash earnings of $1.81 billion, up 48% from FY 2023
- Revenue of $4.92 billion, up 19% year on year
- Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of $2.19 billion, up 43% from FY 2023
- Reported net profit after tax (NPAT) of $639 million, up 9% year on year
- Unfranked final dividend of 25 cents per share, up 61% from the prior final dividend
What else happened over the year?
The Northern Star share price is shining bright as the miner achieved its FY 2024 guidance. It sold 1.621 million ounces of gold over the 12 months at an all-in-sustaining cost (AISC) of $1,853 per ounce.
The strong gold price over the year, along with the 4% year-on-year increase in gold sakes, helped drive the 43% boost in underlying EBITDA.
In another key financial metric, underlying free cash flow came in at $462 million.
Management also extended Northern Star's on-market share buyback for 12 months, with $128 million of the $300 million buyback program remaining.
The final dividend of 25 cents per share brings the full FY 2024 payout to 40 cents per share, a new all-time high payout likely to please passive income investors. Eligible investors can expect that to hit their bank accounts on 26 September.
Turning to the balance sheet, Northern Star had net cash of $358 million and liquidity of $2.75 billion as of 30 June.
What did management say?
Commenting on the results boosting the Northern Star share price today, managing director Stuart Tonkin said, "FY 2024 has been a strong year for Northern Star as we maintained a focus on delivering our organic profitable growth strategy."
Tonkin added:
Record cash earnings of $1,805 million enabled the Board to declare a final dividend of 25 cents per share, at the midpoint of our policy, for a FY24 total dividend of 40 cents per share.
In line with our proactive approach to capital management to deliver superior shareholder returns, we have also extended the buy-back program for a further 12 months…
We remain committed to maintaining a disciplined approach to investing shareholder funds.
What's next?
Looking to what might impact the Northern Star share price in the year ahead, the ASX 200 miner said its growth program was fully funded and supported the company's clearly defined capital management framework.
Northern Star reported that it was on track to deliver 1.650 million ounces to 1.800 million ounces of gold sold in FY 2025 at an AISC of $1,850 to $2,100 per ounce.
Northern Star share price snapshot
With today's intraday gains factored in, the Northern Star share price is up 45% in 12 months.
