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Barrick Gold Corporation (ABX) Shares Up on Q1 Earnings Beat

Barrick Gold Corporation (NYSE:ABX) unveiled its latest quarterly earnings results late Monday, exceeding analysts’ expectations on the earnings front, while revenue missed estimates.

Barrick Gold Corporation (ABX)The company unveiled total profit of $158 million for its first quarter, or 14 cents per share, below the year-ago profit of $679 million, or 58 cents per share. On an adjusted basis, the company reported adjusted earnings of $170 million, or 15 cents per share, which topped the Wall Street consensus estimate of 14 cents per share, according to data compiled by Thomson Reuters.

Barrick Gold’s revenue did not perform as well as the company’s earnings as it fell to $1.79 billion, a 10.1% drop compared to the year-ago quarter total of $1.99 billion. Analysts were calling for first-quarter revenue of $1.84 billion.

Barrick Gold’s gold production for the quarter was 1.05 million ounces at a cost of sales applicable to gold of $878 per ounce, all-in sustaining costs of $804 per ounce and cash costs of $573 per ounce. Copper production came in at 85 million pounds at a cost of sales applicable to copper of $2.07 per pound, all-in sustaining costs of $2.61 per pound and C1 cash costs of $1.88 per pound.

Barrick Gold that its gold production for the fiscal year will be in the range of 4.5 million to 5 million ounces at a cost of sales of $810-$850 per ounce, all-in sustaining costs of $765-$815 per ounce and cash costs of $540-$575 per ounce.

ABX stock surged 0.6% after the bell Monday.

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