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How Was the Q1 Earnings Season for Gold Mining ETFs?
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The gold mining space remained moderate after mixed-to-downbeat earnings reports for the first quarter. Below we highlight Q1 earnings results of Barrick Gold Corp , Goldcorp Inc. and Newmont Mining Corp. (NEM - Free Report) . Among the trio, Barrick was the first to report earnings (read: Why Gold Mining ETFs Are Rallying).
Gold mining giant Newmont Mining Corporation logged net income from continuing operations of $170 million or 32 cents per share in first-quarter 2018, reflecting a more than two-fold surge from net income of $70 million or 13 cents recorded a year ago. The bottom line in the reported quarter was boosted by higher-realized gold prices.
Barring one-time items, adjusted earnings came in at 35 cents per share for the quarter, which beat the Zacks Consensus Estimate of 33 cents. Newmont reported revenues of $1,817 million, up around 7.5% year over year. The figure however, missed the Zacks Consensus Estimate of $1,847.2 million. The stock gained 0.7% in the key trading session on Apr 26.
Goldcorp Q1 Earnings in Focus
On Apr 25, Goldcorp reported Q1 earnings after market close. Subdued production, sales volume and net earnings weighed on the stock as it lost about 2.1% in the key trading session of Apr 26.
Net earnings of $67 million or 8 cents per share for first-quarter 2018 compared with $170 million or 20 cents recorded a year ago. Earnings missed the Zacks Consensus Estimate of 11 cents.
Goldcorp recorded revenues of $846 million in the first quarter, down roughly 0.8% year over year. The figure also fell shy of the Zacks Consensus Estimate of $869 million. Gold sales went down around 14% year over year to 466,000 ounces in the first quarter.
Barrick Gold Q1 Earnings in Focus
Barrick Gold Corp recorded net earnings (attributable to equity holders) of $158 million or 14 cents per share for first-quarter 2018 compared with $679 million or 58 cents a year ago.
Barring one-time items, adjusted net earnings came in at 15 cents per share for the quarter, which were in line with the Zacks Consensus Estimate. Revenues fell roughly 10.2% year over year to $1,790 million in the first quarter. The figure, however, beat the Zacks Consensus Estimate of $1,764.9 million. The fund gained about 5.4% (as of Apr 26, 2018) since reporting earnings on Apr 23 after market close.
ETF Impact
The aforementioned companies have considerable exposure in large-cap funds like VanEck Vectors Gold Miners ETF (GDX - Free Report) , iShares MSCI Global Gold Miners ETF (RING - Free Report) , PowerShares Global Gold & Precious Metals ETF and Sprott Gold Miners ETF (SGDM - Free Report) (see all Materials ETFs here).
In PSAU, ABX (8.7%), NEM (8.15%) and GG (6.76%) take the top three positions. RING invests more than 16% each in NEM and more than 11% in ABX, while GG takes 8.72% (read: 3 ETFs Below $20 That Offer Great Upside Potential).
In GDX also, NEM, ABX and GG take 11.54%, 8.04% and 7.02% share, respectively. SGDM puts about 11.39% in NEM, 11.14% in GG and 4.56% in ABX. PSAU, RING, GDX and SGDM have added about 1%, 0.3%, 0.8% and 0.5% since Apr 23, 2018.
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How Was the Q1 Earnings Season for Gold Mining ETFs?
The gold mining space remained moderate after mixed-to-downbeat earnings reports for the first quarter. Below we highlight Q1 earnings results of Barrick Gold Corp , Goldcorp Inc. and Newmont Mining Corp. (NEM - Free Report) . Among the trio, Barrick was the first to report earnings (read: Why Gold Mining ETFs Are Rallying).
Let’s dig a little deeper (read: Gold Mining ETF Investing Guide).
Newmont Q1 Earnings in Focus
Gold mining giant Newmont Mining Corporation logged net income from continuing operations of $170 million or 32 cents per share in first-quarter 2018, reflecting a more than two-fold surge from net income of $70 million or 13 cents recorded a year ago. The bottom line in the reported quarter was boosted by higher-realized gold prices.
Barring one-time items, adjusted earnings came in at 35 cents per share for the quarter, which beat the Zacks Consensus Estimate of 33 cents. Newmont reported revenues of $1,817 million, up around 7.5% year over year. The figure however, missed the Zacks Consensus Estimate of $1,847.2 million. The stock gained 0.7% in the key trading session on Apr 26.
Goldcorp Q1 Earnings in Focus
On Apr 25, Goldcorp reported Q1 earnings after market close. Subdued production, sales volume and net earnings weighed on the stock as it lost about 2.1% in the key trading session of Apr 26.
Net earnings of $67 million or 8 cents per share for first-quarter 2018 compared with $170 million or 20 cents recorded a year ago. Earnings missed the Zacks Consensus Estimate of 11 cents.
Goldcorp recorded revenues of $846 million in the first quarter, down roughly 0.8% year over year. The figure also fell shy of the Zacks Consensus Estimate of $869 million. Gold sales went down around 14% year over year to 466,000 ounces in the first quarter.
Barrick Gold Q1 Earnings in Focus
Barrick Gold Corp recorded net earnings (attributable to equity holders) of $158 million or 14 cents per share for first-quarter 2018 compared with $679 million or 58 cents a year ago.
Barring one-time items, adjusted net earnings came in at 15 cents per share for the quarter, which were in line with the Zacks Consensus Estimate. Revenues fell roughly 10.2% year over year to $1,790 million in the first quarter. The figure, however, beat the Zacks Consensus Estimate of $1,764.9 million. The fund gained about 5.4% (as of Apr 26, 2018) since reporting earnings on Apr 23 after market close.
ETF Impact
The aforementioned companies have considerable exposure in large-cap funds like VanEck Vectors Gold Miners ETF (GDX - Free Report) , iShares MSCI Global Gold Miners ETF (RING - Free Report) , PowerShares Global Gold & Precious Metals ETF and Sprott Gold Miners ETF (SGDM - Free Report) (see all Materials ETFs here).
In PSAU, ABX (8.7%), NEM (8.15%) and GG (6.76%) take the top three positions. RING invests more than 16% each in NEM and more than 11% in ABX, while GG takes 8.72% (read: 3 ETFs Below $20 That Offer Great Upside Potential).
In GDX also, NEM, ABX and GG take 11.54%, 8.04% and 7.02% share, respectively. SGDM puts about 11.39% in NEM, 11.14% in GG and 4.56% in ABX. PSAU, RING, GDX and SGDM have added about 1%, 0.3%, 0.8% and 0.5% since Apr 23, 2018.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>