TORONTO - Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) reported third-quarter earnings that fell short of analyst expectations, with revenue also missing estimates. The gold mining giant's stock edged lower, down 1%, following the release Thursday.
Barrick reported adjusted earnings per share of $0.30 for the third quarter, $0.01 below the analyst consensus of $0.31. Revenue came in at $3.37 billion, missing the $3.46 billion estimate and declining from the same quarter last year.
The company declared a dividend of $0.10 per share for the third quarter, consistent with its Performance Dividend Policy. The dividend will be paid on December 16, 2024, to shareholders of record as of November 29, 2024.
During the quarter, Barrick repurchased an additional 4.725 million shares under its $1 billion share buyback program announced in February 2024. This brings the total repurchases for the year to 7.675 million shares.
"The continued strength of our balance sheet, bolstered by record high gold prices and our world class gold and copper asset base, allow us to distribute a robust quarterly dividend while maintaining ample liquidity to invest in the growth of our business and to repurchase additional stock at a compelling valuation," said Graham Shuttleworth, senior executive vice-president and chief financial officer.
The company emphasized its focus on maintaining financial flexibility while returning value to shareholders through dividends and share repurchases, despite the slight underperformance in the quarter.
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