GOLD - Barrick Gold Q2 Earnings Preview

2023-08-07 11:51:57 ET

Barrick Gold ( NYSE: GOLD ) is scheduled to announce Q2 earnings results on Tuesday, August 8, before market open.

The consensus EPS estimate is $0.18 (-25% Y/Y) and the consensus revenue estimate is $2.93B (+2.4% Y/Y). Over the last 2 years, GOLD has beaten EPS estimates 100% of the time and revenue estimates 63% of the time.

Over the last 3 months, EPS estimates have seen 1 upward revision and 11 downward. Revenue estimates have seen 2 upward revisions and 2 downward.

Barrick ( GOLD ) last month reported preliminary Q2 production of 1.01M oz of gold and 107M lbs of copper, up from Q1 output of 952K oz and 88M lbs, respectively. It remains on track to achieve its FY production guidance.

The miner's Q1 adjusted earnings fell sharply from a year ago but beat analyst estimates , as a drop in production and higher cost of sales offset a higher realized gold price.

In other news, Barrick ( GOLD ) plans to restart operations at the Porgera gold mine in Papua New Guinea later this year. Barrick ( GOLD ) is also planning to expand its Lumwana copper mine in Zambia and explore for more copper deposits in Congo.

Meanwhile, its Tongon mine in Ivory Coast will continue operating until at least 2030 following a significant discovery of new deposits.

While sell-side analysts are bullish on GOLD, SA Quant rates its Hold .

More on Barrick Gold

• Barrick Gold: Don't Miss The Forest For The Trees
• Barrick Gold: What's Next?
• Why Is The Reko Diq Project A Gamble For Barrick Gold?

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