Barrick Gold Shares Rise 2% Following Strong Q2 Results

Barrick Gold Reports Strong Q2 Earnings, Boosting Share Price

Barrick Gold Corporation reported impressive second-quarter earnings and revenue that exceeded expectations, resulting in a 2% increase in shares during premarket trading on Monday.

The company recorded adjusted earnings per share of $0.32, surpassing analyst projections of $0.27. Revenue totaled $3.16 billion, slightly above the consensus estimate of $3.14 billion.

Net earnings increased by 25% compared to the previous quarter, reaching $370 million, while the attributable EBITDA margin grew 17% to 48%. Barrick generated substantial operating cash flows of $1.16 billion, along with a significant rise in free cash flow, which reached $340 million.

"We delivered increased earnings and production in line with guidance, and we’re on track for a strong second half of the year," stated President and CEO Mark Bristow.

In the second quarter, gold production amounted to 948,000 ounces, with all-in sustaining costs of $1,498 per ounce. The company reaffirmed its full-year gold production guidance for 2024, estimating output between 3.9 and 4.3 million ounces.

Barrick also noted progress in key growth initiatives, including the ramp-up of the newly permitted Goldrush mine in Nevada and the development of the Reko Diq copper-gold project in Pakistan.

Additionally, the company announced a quarterly dividend of $0.10 per share and repurchased 2.95 million shares during the second quarter as part of its $1 billion buyback program.

With a strong project pipeline and solid cash flows, Barrick is well-positioned to meet its growth objectives while returning capital to shareholders. The positive results from Q2 and the optimistic outlook contributed to an uptick in the stock price during Friday’s trading session.