2023-05-03 07:32:39 ET
Barrick Gold ( NYSE: GOLD ) +0.7% pre-market Wednesday after reporting Q1 adjusted earnings that 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.
Q1 net income fell to $120M, or $0.07/share, from $438M, or $0.25/share, in the year-earlier quarter, and revenues fell 7.4% Y/Y to $2.64B, but both results topped expectations.
Q1 gold production dropped to 952K oz from 1.12M oz in Q4 2022 and 990K oz in the same quarter last year, while copper production slipped to 88M lbs from 96M lbs in Q4 2022 and 101M lbs in the year-earlier period.
Barrick ( GOLD ) was hurt by a harsh winter that affected its northern Nevada operations and annual maintenance reduced production at the Goldstrike mine.
The company's Q1 average realized gold prices was $1,902/oz, compared with $1,728/oz in Q4 2022 and $1,876/oz in the year-earlier quarter, but all-in sustaining cost climbed to $1,370/oz from $1,242/oz in Q4 2022 and $1,164/oz in the same period last year.
Barrick ( GOLD ) said it remains on track to achieve its 2023 guidance, which previously targeted production of 4.2M-4.6M oz of gold and 420M-470M lbs of copper, compared with FY 2022 output of 4.14M oz of gold and 440M lbs of copper.
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Barrick beats Q1 estimates on higher realized gold prices