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NEW YORK - Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) reported fourth quarter earnings that met analyst estimates, while revenue came in below expectations as the gold miner boosted production.
Barrick posted adjusted earnings per share of $0.46 for Q4, in line with the analyst consensus. Revenue of $3.65 billion fell short of the $3.95 billion analysts were expecting.
The company produced 1.08 million ounces of gold in the quarter, slightly above estimates of 1.05 million ounces. This represents a 15% increase from Q3 production of 943,000 ounces.
"We delivered a strong performance in Q4, increasing gold production by 15% over Q3 to meet our annual guidance for the year," said Barrick president and chief executive Mark Bristow.
For the full year 2024, Barrick reported net earnings of $2.14 billion, up 69% from 2023. Adjusted net earnings rose 51% to $2.21 billion.
The company maintained its quarterly dividend of $0.10 per share. Barrick also announced it has renewed its $1 billion share buyback program for the upcoming year.
Barrick shares edged up 0.18% in early trading following the earnings release. The muted market reaction suggests investors viewed the results as largely in line with expectations.
Looking ahead to 2025, Barrick expects gold production of 3.15-3.5 million ounces, excluding output from its Loulo-Gounkoto mine which is temporarily suspended. Copper production is forecast at 200,000-230,000 tonnes.
(This article was generated with the assistance of AI and has been reviewed by an editor. The information is based on the latest data available at the time of writing.)
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