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B2Gold (BTG) Earnings Miss Estimates in Q2, Increase Y/Y
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B2Gold Corp (BTG - Free Report) reported adjusted earnings per share (EPS) of 6 cents for second-quarter 2023, missing the Zacks Consensus Estimate of 7 cents. The company posted an adjusted EPS of 4 cents in the prior-year quarter.
Including one-time items, BTG reported 6 cents per share of earnings compared with the prior-year quarter’s 4 cents.
B2Gold generated revenues of $471 million in second-quarter 2022 compared with the prior-year quarter’s $382 million. The top line surpassed the Zacks Consensus Estimate of $431 million. The upside resulted from a 5.8% increase in average realized gold prices and a 16.5% increase in gold ounces sold.
During the June-end quarter, B2Gold recorded consolidated gold production of 245,961 ounces, up 17.8% year over year. The total gold production (including 16,740 ounces of attributable production from Calibre) in the quarter was 262,701 ounces.
The company reported total consolidated cash operating costs of $636 per ounce in the reported quarter, down 18.6% year over year. Total consolidated all-in sustaining costs (AISC) of $1,214 per ounce were 9.3% higher than the prior-year quarter’s levels.
During the April-June quarter, the cost of sales was $281 million, up 6.3% year over year. The gross profit improved 61% year over year to $190 million. The gross margin expanded to 40.3% in the reported quarter from the prior-year quarter’s 38.8%.
The operating income in the reported quarter was $159 million compared with the prior-year quarter’s $98 million. The operating margin declined to 33.8% from the year-ago quarter’s 26%.
Financial Position
B2Gold’s cash and cash equivalents were $506 million at the end of the second quarter compared with $587 million at the end of second-quarter 2022. The company generated $125 million in cash from operating activities in the June-end quarter compared with $125 million in the year-ago quarter.
The company’s long-term debt was $39 million at the end of the second quarter compared with $47 million at the end of 2022.
Outlook
B2Gold reaffirms the financial guidance for the current year. It expects the 2023 total gold production guidance between 1,000,000 and 1,080,000 ounces, which includes 60,000-70,000 attributable ounces from Calibre. Total consolidated cash operating costs are projected between $670 and $730 per ounce. Total consolidated AISC is anticipated between $1,195 and $1,255 per ounce.
Price Performance
In the past year, B2Gold’s shares have lost 5.9% against the industry’s growth of 15.7%.
Carpenter Technology has an average trailing four-quarter earnings surprise of 10%. The Zacks Consensus Estimate for CRS’s fiscal 2024 earnings is pegged at $3.23 per share. The consensus estimate for 2023 earnings has moved 12% north in the past 60 days. Its shares gained 71% in the last year.
Orla Mining has an average trailing four-quarter earnings surprise of 85.4%. The Zacks Consensus Estimate for ORLA’s 2023 earnings is pegged at 16 cents per share. The consensus estimate for 2023 earnings has moved 7% north over the past 60 days. ORLA’s shares gained 35.7% in the last year.
The Zacks Consensus Estimate for PPG Industries’ fiscal 2023 earnings per share is pegged at $7.47, indicating growth of 23.5% from the prior-year actual. Earnings estimates have moved 3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 7.3%. PPG’s shares have gained 9.5% in the past year.
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B2Gold (BTG) Earnings Miss Estimates in Q2, Increase Y/Y
B2Gold Corp (BTG - Free Report) reported adjusted earnings per share (EPS) of 6 cents for second-quarter 2023, missing the Zacks Consensus Estimate of 7 cents. The company posted an adjusted EPS of 4 cents in the prior-year quarter.
Including one-time items, BTG reported 6 cents per share of earnings compared with the prior-year quarter’s 4 cents.
B2Gold generated revenues of $471 million in second-quarter 2022 compared with the prior-year quarter’s $382 million. The top line surpassed the Zacks Consensus Estimate of $431 million. The upside resulted from a 5.8% increase in average realized gold prices and a 16.5% increase in gold ounces sold.
During the June-end quarter, B2Gold recorded consolidated gold production of 245,961 ounces, up 17.8% year over year. The total gold production (including 16,740 ounces of attributable production from Calibre) in the quarter was 262,701 ounces.
The company reported total consolidated cash operating costs of $636 per ounce in the reported quarter, down 18.6% year over year. Total consolidated all-in sustaining costs (AISC) of $1,214 per ounce were 9.3% higher than the prior-year quarter’s levels.
B2Gold Corp Price, Consensus and EPS Surprise
B2Gold Corp price-consensus-eps-surprise-chart | B2Gold Corp Quote
During the April-June quarter, the cost of sales was $281 million, up 6.3% year over year. The gross profit improved 61% year over year to $190 million. The gross margin expanded to 40.3% in the reported quarter from the prior-year quarter’s 38.8%.
The operating income in the reported quarter was $159 million compared with the prior-year quarter’s $98 million. The operating margin declined to 33.8% from the year-ago quarter’s 26%.
Financial Position
B2Gold’s cash and cash equivalents were $506 million at the end of the second quarter compared with $587 million at the end of second-quarter 2022. The company generated $125 million in cash from operating activities in the June-end quarter compared with $125 million in the year-ago quarter.
The company’s long-term debt was $39 million at the end of the second quarter compared with $47 million at the end of 2022.
Outlook
B2Gold reaffirms the financial guidance for the current year. It expects the 2023 total gold production guidance between 1,000,000 and 1,080,000 ounces, which includes 60,000-70,000 attributable ounces from Calibre. Total consolidated cash operating costs are projected between $670 and $730 per ounce. Total consolidated AISC is anticipated between $1,195 and $1,255 per ounce.
Price Performance
In the past year, B2Gold’s shares have lost 5.9% against the industry’s growth of 15.7%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
B2Gold currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation (CRS - Free Report) , Orla Mining Ltd. (ORLA - Free Report) and PPG Industries, Inc. (PPG - Free Report) . CRS and ORLA sport a Zacks Rank #1 at present (Strong Buy), and PPG has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology has an average trailing four-quarter earnings surprise of 10%. The Zacks Consensus Estimate for CRS’s fiscal 2024 earnings is pegged at $3.23 per share. The consensus estimate for 2023 earnings has moved 12% north in the past 60 days. Its shares gained 71% in the last year.
Orla Mining has an average trailing four-quarter earnings surprise of 85.4%. The Zacks Consensus Estimate for ORLA’s 2023 earnings is pegged at 16 cents per share. The consensus estimate for 2023 earnings has moved 7% north over the past 60 days. ORLA’s shares gained 35.7% in the last year.
The Zacks Consensus Estimate for PPG Industries’ fiscal 2023 earnings per share is pegged at $7.47, indicating growth of 23.5% from the prior-year actual. Earnings estimates have moved 3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 7.3%. PPG’s shares have gained 9.5% in the past year.