Categories Earnings, Industrials

Barrick Gold (GOLD) swings to profit in Q3, beats estimates

Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) swung to a profit in the third quarter from a loss last year, helped by lower costs and higher revenues as well as an increase in gold exploration. The bottom line exceeded analysts’ expectations while the top line missed consensus estimates.

Net income was $2.3 billion or $1.30 per share compared to a loss of $412 million or $0.35 per share in the previous year quarter. Adjusted earnings soared by 88% to $0.15 per share.

Revenues climbed by 46% to $2.68 billion.

Earnings Update by AlphaStreet

The company said it was on track to deliver production at the higher end and costs at the lower end of its guidance ranges for the year. Its continued efficiency improvements lead to a 15% increase in copper production quarter-on-quarter.

For the third quarter, gold production increased by 14% to 1.31 million ounces while gold sold rose by 9% to 1.32 million ounces. The market gold price jumped by 21% to $1,472 per ounce while realized gold price climbed by 21% to $1,476 per ounce.

Read: United States Steel Q3 earnings review

Copper production rose by 6% to 112 million pounds while copper sold plunged by 43% to 65 million pounds. Market copper price declined by 5% to $2.63 per pound while realized copper price fell by 8% to $2.55 per pound.

Looking ahead into the full year 2019, the company expects gold production in the range of 5.10-5.60 million of ounces and copper production of 375-430 million of pounds. Total attributable capital expenditures are anticipated to be in the range of $1.4 billion to $1.7 billion for the full year.

Also Read:  Ford (F) strikes new partnership to improve capabilities amid pandemic troubles

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

Microchip Technology (MCHP) Earnings: Key financials and quarterly highlights

Microchip Technology Inc. (NASDAQ:MCHP) today announced its first quarter financial results for the period ended June 30, 2020. Net income for the second quarter 2021 was $123.6 billion, or $0.48

Beyond Meat (BYND) reports in-line earnings in Q2; tops revenue targets

Beyond Meat (NASDAQ: BYND) reported second quarter 2020 loss of 2 cents per share on an adjusted basis, which came in line with the market's view. Revenue of $113 million,

Infographic: How Activision Blizzard (ATVI) played Q2

Activision Blizzard (Nasdaq: ATVI) announced second-quarter financial results after the regular trading hours on Tuesday. The second-quarter results were better than what the street had anticipated. ATVI shares fell 2%

Tags

Top