Barrick Gold Nudges Up After Hours on Modest Earnings Results
Barrick Gold Corporation ABX just released its fourth quarter fiscal 2016 earnings results, posting earnings of $0.22 per share and revenue of $2.32 billion.
ABX was up 0.16% to $19.35 in after-hours trading shortly after its earnings report was released.
Currently, ABX has a Zacks Rank #4 (Sell), but it is subject to change following the release of the company's latest earnings report. Here are 5 key statistics from this just announced report below.
Barrick Gold Corporation:
Beat earnings estimates. The company posted earnings of $0.22 cents per share, beating our Zacks Consensus Estimate of $0.21 per share.
Beat revenue estimates. The company saw revenue figures of $2.32 billion, beating our estimate of $2.203 billion.
Barrick produced 1.52 million ounces of gold and 5.52 million ounces for the full fiscal year 2016.
The company guides that they will produce between 5.60 ounces and 5.90 million ounces of gold in 2017 at a cost of sales applicable to $780 - $820 per ounce and all-in sustaining costs of $720 - $770 per ounce of gold.
Current debt is $7.9 billion and Barrick intends to reduce this by $2.9 billion to $5 billion by the end of 2018.
Barrick's quarterly report wrote, "We continue to strengthen our relationships with other external partners, including Zijin Mining, Ma'aden, and Antofagasta Plc - our joint venture partners at the Porgera, Jabal Sayid, and Zaldivar mines. And we are working to develop new partnerships with the potential to unlock value across our business, and grow free cash flow per share over the long term."
Here's a graph that looks at Barrick's price, consensus and EPS surprise:
Barrick Gold Corporation Price, Consensus and EPS Surprise
Barrick Gold Corporation is a mining company with a focus on gold. They were founded in 1983 and are now headquartered in Toronto, Canada. Barrick trades on the New York Stock Exchange and Toronto Stock Exchange under the symbol 'ABX'. The company has operations in 11 countries: Argentina, Australia, Canada, Chile, Dominican Republic, Papua New Guinea, Peru, Saudi Arabia, the United States and Zambia. More than 75% of their production takes place in the Americas region.
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