Barrick Gold's Q4: Earnings Shine, Buyback Glitters & More

Barrick Gold Corp GOLD reported fourth-quarter revenue of $3.06 billion, beating the consensus of $3.05 billion.

Gold production stood at 1.05 million ounces (+1% Q/Q), and gold sales were 1.042 million ounces (+1% Q/Q).

The Average realized gold price rose 3% Q/Q to $1,986 per ounce, and All-in sustaining costs (AISC) rose 9% Q/Q to $1,364 per ounce in the quarter.

Copper production increased 1% Q/Q to 113 million pounds, and the Average realized copper price remained flat Q/Q at $3.78 per pound.

Adjusted EPS of $0.27 exceeded the consensus of $0.20.

President and chief executive Mark Bristow said, “despite picking up the pace in the latter half of the year, Barrick couldn’t quite make up for the challenges it faced in the first half, and gold production fell slightly short of the annual guidance as flagged with the Q3 results.”

At the end of Q4, cash and cash equivalents stood at $4.15 billion, and debt was $4.73 billion.

Capital expenditure rose 12% Q/Q to $861 million, and operating cash flow stood at $997 million. 

Also Read: Barrick Gold Denies First Quantum Rumors, Focuses On Developing Existing Tanzanian Projects

Dividend: GOLD declared a fourth-quarter dividend per share of $0.10, payable on March 15, 2024, to shareholders of record as of February 29, 2024.

Buyback: Barrick’s Board of Directors authorized a new program for repurchasing up to $1.0 billion of shares over the next 12 months and has terminated the share repurchase program announced on February 15, 2023. 

The company did not repurchase any shares under its 2023 share repurchase program.

Also Read: Barrick Targets Northern Nevada: It’s ‘Far From Being A Mature Gold District,’ CEO Says

FY24 Outlook: The company expects attributable gold production in the range of 3.9-4.3 million ounces and AISC in the range of $1,320 – $1,420 per ounce.

The company projects copper production in the range of 180 – 210 million pounds and an AISC of $3.10-$3.40 per pound in 2023.

For 2024, capital expenditure is expected to be within $2.50 billion-$2.90 billion.

Related: Barrick Gold Shares Losing Shine On Q4 Preliminary Report Despite Results From Cortez, Phoenix, Pueblo Viejo

Price Action: GOLD shares are trading lower by 1.13% at $13.99 on the last check Wednesday.

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