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Barrick Gold beats earnings estimates despite cash flow challenges

Published 2024-05-01, 10:45 a/m
© Reuters.  Barrick Gold beats earnings estimates despite cash flow challenges

Proactive Investors - Barrick Gold (NYSE:GOLD) Corp. (TSX:ABX, NYSE:GOLD) faced a challenging first quarter in 2024 with a slight miss in free cash flow due to unfavorable working capital changes, despite achieving better-than-expected cash flow before these changes.

The gold and copper mining giant reported an adjusted earnings per share of $0.19, surpassing investment bank Jefferies' forecast and consensus estimates of $0.15, attributed to reduced general, administrative, exploration, and finance costs.

Furthermore, Barrick declared a quarterly dividend of $0.10, set to be distributed on June 17.

Commenting on the results, president and chief executive Mark Bristow said: “Our focus on exploration has placed Barrick in the unique position of more than replacing the reserves we mine year after year.

“Our key organic projects, such as the development of Reko Diq, the extension of Pueblo Viejo’s Tier One13 life by more than 20 years and the transformation of Lumwana into one of the world’s major copper mines will secure Barrick’s production profile well into the future.”

Following the results, Jefferies reiterated its 'buy' rating on the stock, with a price target of $22.

Shares opened 1.3% lower at $16.43 on Wednesday.

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