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Barrick (GOLD) Q2 Earnings and Revenues Surpass Estimates
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Barrick Gold Corporation (GOLD - Free Report) recorded net earnings (on a reported basis) of $370 million or 21 cents per share in second-quarter 2024, up from a profit of $305 million or 17 cents in the year-ago quarter.
Barring one-time items, adjusted earnings per share were 32 cents. The figure beat the Zacks Consensus Estimate of 26 cents.
Barrick recorded total sales of $3,162 million, up 11.6% year over year. The figure beat the Zacks Consensus Estimate of $3,015.7 million.
Barrick Gold Corporation Price, Consensus and EPS Surprise
Total gold production was 948,000 ounces in the reported quarter, down around 6% year over year. The consensus estimate for the same was 1,035,000 ounces. The average realized price of gold was $2,344 per ounce in the quarter, up around 19% year over year. This compares with the consensus estimate of $2,080.
The cost of sales increased around 9% year over year to $1,441 per ounce. All-in-sustaining costs (AISC) moved up nearly 10.5% year over year to $1,498 per ounce in the quarter.
Copper production fell 10% year over year to 43,000 tons. The average realized copper price was $4.53 per pound, up 22% year over year.
Financial Position
At the end of the quarter, GOLD had cash and cash equivalents of $4,036 million, down 3% year over year. The company’s total debt was $4,724 million at the end of the quarter, down 1% year over year.
The operating cash flow was around $1.16 billion in the quarter, while free cash flow was $340 million.
Guidance
For 2024, Barrick anticipates attributable gold production to be in the range of 3.9-4.3 million ounces.
AISC is projected to be $1,320-$1,420 per ounce. Cash costs per ounce are forecast to be $940-$1,020. The company also expects the cost of sales to be $1,320-$1,420 per ounce.
GOLD expects a copper production of 180,000-210,000 tons at an AISC of $3.10-$3.40 per pound, cash costs per pound of $2-$2.30, and cost of sales of $2.65-$2.95 per pound.
Capital expenditures are projected in the range of $2,500-$2,900 million for 2024.
Price Performance
Barrick’s shares have gained 13.9% in the past year compared with a 22.8% rise in the industry.
The Zacks Consensus Estimate for Newmont’s current-year earnings is pegged at $2.82, indicating a rise of 75% from year-ago levels. The consensus estimate for NEM’s earnings has increased 16% in the past 60 days.The stock has gained nearly 23.6% in the past year.
The Zacks Consensus Estimate for FNV’s current-year earnings is pegged at $3.27. The consensus estimate for FNV’s earnings has increased by 3% in the past 60 days. FNV beat the consensus estimate in the last four quarters, with the average earnings surprise being 10.5%.
The Zacks Consensus Estimate for AEM’s current fiscal year earnings is pegged at $3.65, indicating a year-over-year rise of 63.7%. AEM’s earnings beat the Zacks Consensus Estimate in all of the last four quarters, the average earnings surprise being 15.7%. The company’s shares have increased 59.5% in the past year.
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Barrick (GOLD) Q2 Earnings and Revenues Surpass Estimates
Barrick Gold Corporation (GOLD - Free Report) recorded net earnings (on a reported basis) of $370 million or 21 cents per share in second-quarter 2024, up from a profit of $305 million or 17 cents in the year-ago quarter.
Barring one-time items, adjusted earnings per share were 32 cents. The figure beat the Zacks Consensus Estimate of 26 cents.
Barrick recorded total sales of $3,162 million, up 11.6% year over year. The figure beat the Zacks Consensus Estimate of $3,015.7 million.
Barrick Gold Corporation Price, Consensus and EPS Surprise
Barrick Gold Corporation price-consensus-eps-surprise-chart | Barrick Gold Corporation Quote
Operational Highlights
Total gold production was 948,000 ounces in the reported quarter, down around 6% year over year. The consensus estimate for the same was 1,035,000 ounces. The average realized price of gold was $2,344 per ounce in the quarter, up around 19% year over year. This compares with the consensus estimate of $2,080.
The cost of sales increased around 9% year over year to $1,441 per ounce. All-in-sustaining costs (AISC) moved up nearly 10.5% year over year to $1,498 per ounce in the quarter.
Copper production fell 10% year over year to 43,000 tons. The average realized copper price was $4.53 per pound, up 22% year over year.
Financial Position
At the end of the quarter, GOLD had cash and cash equivalents of $4,036 million, down 3% year over year. The company’s total debt was $4,724 million at the end of the quarter, down 1% year over year.
The operating cash flow was around $1.16 billion in the quarter, while free cash flow was $340 million.
Guidance
For 2024, Barrick anticipates attributable gold production to be in the range of 3.9-4.3 million ounces.
AISC is projected to be $1,320-$1,420 per ounce. Cash costs per ounce are forecast to be $940-$1,020. The company also expects the cost of sales to be $1,320-$1,420 per ounce.
GOLD expects a copper production of 180,000-210,000 tons at an AISC of $3.10-$3.40 per pound, cash costs per pound of $2-$2.30, and cost of sales of $2.65-$2.95 per pound.
Capital expenditures are projected in the range of $2,500-$2,900 million for 2024.
Price Performance
Barrick’s shares have gained 13.9% in the past year compared with a 22.8% rise in the industry.
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Zacks Rank & Other Key Picks
Barrick currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the Basic Materials space are Newmont Corporation (NEM - Free Report) , Franco-Nevada Corporation (FNV - Free Report) and Agnico Eagle Mines Limited (AEM - Free Report) . Newmont and Franco-Nevada sport a Zacks Rank #1 (Strong Buy), and Agnico Eagle carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Newmont’s current-year earnings is pegged at $2.82, indicating a rise of 75% from year-ago levels. The consensus estimate for NEM’s earnings has increased 16% in the past 60 days.The stock has gained nearly 23.6% in the past year.
The Zacks Consensus Estimate for FNV’s current-year earnings is pegged at $3.27. The consensus estimate for FNV’s earnings has increased by 3% in the past 60 days. FNV beat the consensus estimate in the last four quarters, with the average earnings surprise being 10.5%.
The Zacks Consensus Estimate for AEM’s current fiscal year earnings is pegged at $3.65, indicating a year-over-year rise of 63.7%. AEM’s earnings beat the Zacks Consensus Estimate in all of the last four quarters, the average earnings surprise being 15.7%. The company’s shares have increased 59.5% in the past year.