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Why Is B2Gold (BTG) Up 3.6% Since Last Earnings Report?
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A month has gone by since the last earnings report for B2Gold (BTG - Free Report) . Shares have added about 3.6% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is B2Gold due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
B2Gold's Earnings Beat, Sales Miss Estimates in Q1
B2Gold reported first-quarter 2021 adjusted earnings per share of 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%.
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
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended upward during the past month. The consensus estimate has shifted 12.82% due to these changes.
VGM Scores
Currently, B2Gold has a nice Growth Score of B, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of these revisions has been net zero. Notably, B2Gold has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
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Why Is B2Gold (BTG) Up 3.6% Since Last Earnings Report?
A month has gone by since the last earnings report for B2Gold (BTG - Free Report) . Shares have added about 3.6% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is B2Gold due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
B2Gold's Earnings Beat, Sales Miss Estimates in Q1
B2Gold reported first-quarter 2021 adjusted earnings per share of 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%.
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
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended upward during the past month. The consensus estimate has shifted 12.82% due to these changes.
VGM Scores
Currently, B2Gold has a nice Growth Score of B, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of these revisions has been net zero. Notably, B2Gold has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.