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B2Gold (BTG) Up 4.2% Since Last Earnings Report: Can It Continue?
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A month has gone by since the last earnings report for B2Gold (BTG - Free Report) . Shares have added about 4.2% 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 the most recent earnings report in order to get a better handle on the important drivers.
B2Gold reported adjusted earnings per share (EPS) of 6 cents for first-quarter 2024, beating the Zacks Consensus Estimate of 5 cents. The bottom line fell 10% year over year.
Including one-time items, the company reported EPS of 3 cents, down 63% year over year.
B2Gold generated revenues of $461 million in first-quarter 2023 compared with the prior-year quarter’s $474 million.
In the March-end quarter, B2Gold recorded a consolidated gold production of 214,339 ounces, down 14.5% year over year. The total consolidated gold production for first-quarter 2024 was 225,716 ounces (including 11,377 ounces of attributable production from Calibre Mining Corp), down 15.4% from the prior-year quarter.
The company reported consolidated cash operating costs of $718 per ounce in the quarter under review, up 25% year over year. The consolidated all-in sustaining costs of $1,346 per ounce were 228.3% higher than the prior-year quarter.
During the January-March quarter, the total cost of sales was $277 million, up 6.7% year over year. The gross profit fell 13.8% year over year to $184 million. The gross margin rose to 39.9% in the reported quarter from the prior-year quarter’s 45.1%. The operating income in the reported quarter was $155 million compared with the prior-year quarter’s $176 million.
Financial Position
B2Gold’s cash and cash equivalents were $568 million at the end of the first quarter of 2024 compared with $307 million at the end of the fiscal 2023 2023. It generated $711 million in cash from operating activities in the March-end quarter compared with $204 million in the year-ago quarter.
The company’s long-term debt was around $29 million at the end of the first quarter, marking a significant decline compared with $176 million at the end of 2023.
2024 Guidance
B2Gold is on track to meet its previously announced outlook for 2024. The company expects a total gold production of 860,000-940,000 ounces for 2024, including 40,000-50,000 ounces of attributable production from Calibre. It anticipates total consolidated cash operating costs to be higher in 2024, and between $835 and $895 per gold ounce.
The company expects a total consolidated all-in sustaining costs of $1,360-$1,420 per gold 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 108.33% due to these changes.
VGM Scores
At this time, B2Gold has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Charting a somewhat similar path, the stock was allocated a grade of A on the value side, putting it in the top quintile 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 this revision looks promising. It comes with little surprise B2Gold has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.
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B2Gold (BTG) Up 4.2% Since Last Earnings Report: Can It Continue?
A month has gone by since the last earnings report for B2Gold (BTG - Free Report) . Shares have added about 4.2% 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 the most recent earnings report in order to get a better handle on the important drivers.
B2Gold Q1 Earnings Beat Estimates, Revenues Dip Y/Y
B2Gold reported adjusted earnings per share (EPS) of 6 cents for first-quarter 2024, beating the Zacks Consensus Estimate of 5 cents. The bottom line fell 10% year over year.
Including one-time items, the company reported EPS of 3 cents, down 63% year over year.
B2Gold generated revenues of $461 million in first-quarter 2023 compared with the prior-year quarter’s $474 million.
In the March-end quarter, B2Gold recorded a consolidated gold production of 214,339 ounces, down 14.5% year over year. The total consolidated gold production for first-quarter 2024 was 225,716 ounces (including 11,377 ounces of attributable production from Calibre Mining Corp), down 15.4% from the prior-year quarter.
The company reported consolidated cash operating costs of $718 per ounce in the quarter under review, up 25% year over year. The consolidated all-in sustaining costs of $1,346 per ounce were 228.3% higher than the prior-year quarter.
During the January-March quarter, the total cost of sales was $277 million, up 6.7% year over year. The gross profit fell 13.8% year over year to $184 million. The gross margin rose to 39.9% in the reported quarter from the prior-year quarter’s 45.1%. The operating income in the reported quarter was $155 million compared with the prior-year quarter’s $176 million.
Financial Position
B2Gold’s cash and cash equivalents were $568 million at the end of the first quarter of 2024 compared with $307 million at the end of the fiscal 2023 2023. It generated $711 million in cash from operating activities in the March-end quarter compared with $204 million in the year-ago quarter.
The company’s long-term debt was around $29 million at the end of the first quarter, marking a significant decline compared with $176 million at the end of 2023.
2024 Guidance
B2Gold is on track to meet its previously announced outlook for 2024. The company expects a total gold production of 860,000-940,000 ounces for 2024, including 40,000-50,000 ounces of attributable production from Calibre. It anticipates total consolidated cash operating costs to be higher in 2024, and between $835 and $895 per gold ounce.
The company expects a total consolidated all-in sustaining costs of $1,360-$1,420 per gold 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 108.33% due to these changes.
VGM Scores
At this time, B2Gold has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Charting a somewhat similar path, the stock was allocated a grade of A on the value side, putting it in the top quintile 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 this revision looks promising. It comes with little surprise B2Gold has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.