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Barrick's (GOLD) Earnings and Sales Surpass Estimates in Q4
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Barrick Gold Corporation (GOLD - Free Report) recorded net earnings (on a reported basis) of $685 million or 39 cents per share in fourth-quarter 2020, down from $1,387 million or 78 cents per share in the year-ago quarter.
Barring one-time items, adjusted earnings per share surged 105.9% year over year to 35 cents. The figure also beat the Zacks Consensus Estimate of 31 cents.
Barrick recorded total sales of $3,279 million, up 13.7% year over year. The figure topped the Zacks Consensus Estimate of $3,220.7 million.
Barrick Gold Corporation Price, Consensus and EPS Surprise
Total gold production amounted to around 1.2 million ounces in the fourth quarter, down 16.2% year over year from 1.4 million ounces. Average realized price of gold was $1,871 per ounce in the quarter, up 26.2% year over year.
Cost of sales increased 1.8% year over year to $1,065 per ounce. All-in sustaining costs (AISC) moved up around 1% year over year to $929 per ounce in the quarter.
Copper production increased 1.7% year over year to 119 million pounds. Average realized copper price was $3.39 per pound, up 22.8% year over year.
FY20 Results
Earnings (as reported) for full-year 2020 were $1.31 per share compared with earnings of $2.26 per share a year ago. Net sales rose 30% year over year to around $12,595 million.
Financial Position
At the end of the year, Barrick had cash and cash equivalents of $5,188 million, up 57% year over year. The company’s long-term debt was $5,135 million at the end of the quarter, down 0.5% year over year.
Net cash provided by operating activities surged 91.2% year over year to $5,417 million.
Guidance
For 2021, Barrick anticipates attributable gold production in the range of 4.4-4.7 million ounces. AISC is expected in the range of $970-$1,020 per ounce and cost of sales is expected in the range of $1,020-$1,070 per ounce.
The company expects copper production in the range of 410-460 million pounds at AISC of $2.00-$2.20 per pound and cost of sales of $1.90-$2.10 per pound.
Capital expenditures are projected between $1,800 million and $2,100 million.
Price Performance
Barrick’s shares have declined 2.2% in the past year compared with 7.7% rise of the industry.
Zacks Rank & Other Key Picks
Barrick currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Fortescue Metals Group Limited (FSUGY - Free Report) , BHP Group (BHP - Free Report) and Impala Platinum Holdings Limited (IMPUY - Free Report) .
BHP has an expected earnings growth rate of 62.3% for the current fiscal. The company’s shares have gained around 49.8% in the past year. It currently holds a Zacks Rank #2.
Impala has an expected earnings growth rate of 195.9% for the current fiscal. The company’s shares have rallied around 48.3% in the past year. It currently sports a Zacks Rank #1.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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Barrick's (GOLD) Earnings and Sales Surpass Estimates in Q4
Barrick Gold Corporation (GOLD - Free Report) recorded net earnings (on a reported basis) of $685 million or 39 cents per share in fourth-quarter 2020, down from $1,387 million or 78 cents per share in the year-ago quarter.
Barring one-time items, adjusted earnings per share surged 105.9% year over year to 35 cents. The figure also beat the Zacks Consensus Estimate of 31 cents.
Barrick recorded total sales of $3,279 million, up 13.7% year over year. The figure topped the Zacks Consensus Estimate of $3,220.7 million.
Barrick Gold Corporation Price, Consensus and EPS Surprise
Barrick Gold Corporation price-consensus-eps-surprise-chart | Barrick Gold Corporation Quote
Operational Highlights
Total gold production amounted to around 1.2 million ounces in the fourth quarter, down 16.2% year over year from 1.4 million ounces. Average realized price of gold was $1,871 per ounce in the quarter, up 26.2% year over year.
Cost of sales increased 1.8% year over year to $1,065 per ounce. All-in sustaining costs (AISC) moved up around 1% year over year to $929 per ounce in the quarter.
Copper production increased 1.7% year over year to 119 million pounds. Average realized copper price was $3.39 per pound, up 22.8% year over year.
FY20 Results
Earnings (as reported) for full-year 2020 were $1.31 per share compared with earnings of $2.26 per share a year ago. Net sales rose 30% year over year to around $12,595 million.
Financial Position
At the end of the year, Barrick had cash and cash equivalents of $5,188 million, up 57% year over year. The company’s long-term debt was $5,135 million at the end of the quarter, down 0.5% year over year.
Net cash provided by operating activities surged 91.2% year over year to $5,417 million.
Guidance
For 2021, Barrick anticipates attributable gold production in the range of 4.4-4.7 million ounces. AISC is expected in the range of $970-$1,020 per ounce and cost of sales is expected in the range of $1,020-$1,070 per ounce.
The company expects copper production in the range of 410-460 million pounds at AISC of $2.00-$2.20 per pound and cost of sales of $1.90-$2.10 per pound.
Capital expenditures are projected between $1,800 million and $2,100 million.
Price Performance
Barrick’s shares have declined 2.2% in the past year compared with 7.7% rise of the industry.
Zacks Rank & Other Key Picks
Barrick currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Fortescue Metals Group Limited (FSUGY - Free Report) , BHP Group (BHP - Free Report) and Impala Platinum Holdings Limited (IMPUY - Free Report) .
Fortescue has a projected earnings growth rate of 78.4% for the current fiscal. The company’s shares have surged around 160% in a year. It currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BHP has an expected earnings growth rate of 62.3% for the current fiscal. The company’s shares have gained around 49.8% in the past year. It currently holds a Zacks Rank #2.
Impala has an expected earnings growth rate of 195.9% for the current fiscal. The company’s shares have rallied around 48.3% in the past year. It currently sports a Zacks Rank #1.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>