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NEW YORK - Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) reported fourth quarter earnings that met analyst expectations, while revenue fell short of estimates. The gold mining giant’s shares rose 1.52% following the announcement.
Barrick reported adjusted earnings per share of $0.46 for the fourth quarter, matching the analyst consensus estimate. Revenue came in at $3.65 billion, below the $3.95 billion analysts had projected. The company’s gold production reached 1.08 million ounces in the quarter, slightly above the estimated 1.05 million ounces.
The company declared a quarterly dividend of $0.10 per share, consistent with its Performance Dividend Policy. Barrick also repurchased 28.675 million shares in 2024 under its buyback program, including 21 million shares in the fourth quarter alone.
"The strong performance of our business has allowed us to provide significant returns to shareholders in 2024 through the combination of dividends and share buybacks, especially in the fourth quarter, at a compelling valuation," said Graham Shuttleworth, senior executive vice-president and chief financial officer.
Barrick emphasized its commitment to maintaining a strong balance sheet while investing in growth projects. The company’s stock movement suggests investors were generally satisfied with the results, despite the revenue miss.
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