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TORONTO - Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) reported first quarter earnings that beat analyst estimates, while revenue was in line with expectations on Wednesday.
However, the company’s stock fell 0.78% in premarket trading following the results.
The gold and copper miner posted adjusted earnings per share of $0.35, exceeding the consensus estimate of $0.30. Revenue came in at $3.13 billion, matching analyst projections.
Barrick produced 758,000 ounces of gold in Q1, down from 940,000 ounces in the same quarter last year. The company said production was at the top end of its guidance range. Copper production increased to 44,000 tonnes compared to 40,000 tonnes YoY.
"We’ve built a global mining company with the financial strength, technical capacity and operational depth to grow organically," said President and CEO Mark Bristow. He noted Barrick made significant progress on key growth projects during the quarter.
The company maintained its full-year guidance for both gold and copper production. It also declared a quarterly dividend of $0.10 per share and repurchased $143 million of shares in Q1.
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