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B2Gold's (BTG) Earnings Beat, Sales Miss Estimates in Q1
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B2Gold Corp’s (BTG - Free Report) shares have gained 3.6% since the company reported first-quarter 2021 results. Adjusted earnings per share for the quarter came in at 9 cents, which beat the Zacks Consensus Estimate of 7 cents. The bottom line remained flat year over year.
Including one-time items, the company reported earnings of 9 cents per share compared with the prior-year quarter’s 7 cents per share.
B2Gold generated revenues of $362 million in first-quarter 2021, reflecting a year-over-year decline of 5%. This downside resulted from the 16% reduction in gold ounces sold, partly offset by an 11% increase in the average realized gold price. The top-line figure missed the Zacks Consensus Estimate of $368 million.
During the March-end quarter, B2Gold recorded consolidated gold production of 205,643 ounces, down 17% year over year due to planned significant waste stripping campaigns at the Fekola and Otjikoto mines. Total gold production in the quarter was 220,644 ounces, which is 9% above budget.
The company reported consolidated cash operating costs of $609 per ounce in the reported quarter, up 56.6% from the year-ago period. Consolidated all-in sustaining costs (AISC) of $932 per ounce came in 29.2% higher than the prior-year quarter.
In January-March quarter, total cost of sales was $205 million, up 9% year over year.
Gross profit declined 18.2% year over year to $157 million. Gross margin was 43.3% in the reported quarter compared with the prior-year quarter’s 49.4%.
Operating income in the reported quarter was $150 million, reflecting a year-over-year decline of 16%. Operating margin was 41.4% compared with the year-ago quarter’s 47.1%.
B2Gold’s cash and cash equivalents were $513 million at the end of first-quarter 2021 compared with $480 million at the end of 2020. Operating cash flow was $146 million in the first quarter compared with the prior-year quarter’s $216 million. The company’s long-term debt was $67 million as of Mar 31, 2021, down from $76 million as of Dec 31, 2020.
Outlook
B2Gold expects total production in 2021 to be 970,000-1,030,000 ounces. Cash operating costs are projected between $500 per ounce and $540 per ounce. Meanwhile, AISC is anticipated to be within $870 per ounce to $910 per ounce.
Share Price Performance
Over the past year, B2Gold has declined 4.9% compared with the industry’s loss of 6.4%.
ArcelorMittal has a projected earnings growth rate of 984.7% for the current fiscal year. The company’s shares have soared nearly 179% in the past year.
Celanese has an expected earnings growth rate of 68.3% for the current fiscal year. The company’s shares have rallied around 90% over the past year.
Dow has a projected earnings growth rate of 261.6% for the current fiscal year. The company’s shares have gained roughly 75% in a year’s time.
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B2Gold's (BTG) Earnings Beat, Sales Miss Estimates in Q1
B2Gold Corp’s (BTG - Free Report) shares have gained 3.6% since the company reported first-quarter 2021 results. Adjusted earnings per share for the quarter came in at 9 cents, which beat the Zacks Consensus Estimate of 7 cents. The bottom line remained flat year over year.
Including one-time items, the company reported earnings of 9 cents per share compared with the prior-year quarter’s 7 cents per share.
B2Gold generated revenues of $362 million in first-quarter 2021, reflecting a year-over-year decline of 5%. This downside resulted from the 16% reduction in gold ounces sold, partly offset by an 11% increase in the average realized gold price. The top-line figure missed the Zacks Consensus Estimate of $368 million.
During the March-end quarter, B2Gold recorded consolidated gold production of 205,643 ounces, down 17% year over year due to planned significant waste stripping campaigns at the Fekola and Otjikoto mines. Total gold production in the quarter was 220,644 ounces, which is 9% above budget.
The company reported consolidated cash operating costs of $609 per ounce in the reported quarter, up 56.6% from the year-ago period. Consolidated all-in sustaining costs (AISC) of $932 per ounce came in 29.2% higher than the prior-year quarter.
In January-March quarter, total cost of sales was $205 million, up 9% year over year.
Gross profit declined 18.2% year over year to $157 million. Gross margin was 43.3% in the reported quarter compared with the prior-year quarter’s 49.4%.
Operating income in the reported quarter was $150 million, reflecting a year-over-year decline of 16%. Operating margin was 41.4% compared with the year-ago quarter’s 47.1%.
B2Gold Corp Price, Consensus and EPS Surprise
B2Gold Corp price-consensus-eps-surprise-chart | B2Gold Corp Quote
Financial Position
B2Gold’s cash and cash equivalents were $513 million at the end of first-quarter 2021 compared with $480 million at the end of 2020. Operating cash flow was $146 million in the first quarter compared with the prior-year quarter’s $216 million. The company’s long-term debt was $67 million as of Mar 31, 2021, down from $76 million as of Dec 31, 2020.
Outlook
B2Gold expects total production in 2021 to be 970,000-1,030,000 ounces. Cash operating costs are projected between $500 per ounce and $540 per ounce. Meanwhile, AISC is anticipated to be within $870 per ounce to $910 per ounce.
Share Price Performance
Over the past year, B2Gold has declined 4.9% compared with the industry’s loss of 6.4%.
Zacks Rank & Stocks to Consider
B2Gold currently carries a Zacks Rank #4 (Sell).
Better-ranked stocks in the basic materials space include ArcelorMittal (MT - Free Report) , Celanese Corp. (CE - Free Report) and Dow Inc. (DOW - Free Report) . All of these stocks flaunt a Zacks Rank #1 (Strong Buy) currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
ArcelorMittal has a projected earnings growth rate of 984.7% for the current fiscal year. The company’s shares have soared nearly 179% in the past year.
Celanese has an expected earnings growth rate of 68.3% for the current fiscal year. The company’s shares have rallied around 90% over the past year.
Dow has a projected earnings growth rate of 261.6% for the current fiscal year. The company’s shares have gained roughly 75% in a year’s time.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>