Barrick Gold Surpasses Estimates, Shares Climb on Solid Q2 Results

Barrick Gold Reports Strong Q2 Earnings, Raises Guidance

NEW YORK – Barrick Gold Corporation reported strong earnings and revenue for the second quarter, exceeding market expectations and leading to a 2% increase in shares during early trading.

The gold mining company announced adjusted earnings per share of $0.32, higher than analysts’ projections of $0.27. Revenue was reported at $3.16 billion, also surpassing the consensus forecast of $3.14 billion.

Quarter-over-quarter, net earnings grew by 25% to $370 million, and the attributable EBITDA margin increased by 17% to 48%. Barrick generated robust operating cash flows amounting to $1.16 billion and reported free cash flow of $340 million, marking a significant increase.

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

Gold production for the second quarter reached 948,000 ounces, with all-in sustaining costs at $1,498 per ounce. The company reiterated its full-year 2024 gold production guidance of 3.9 to 4.3 million ounces.

Barrick also highlighted progress on several key growth projects, including the ramp-up of the newly permitted Goldrush mine in Nevada and advancements in the Reko Diq copper-gold project in Pakistan.

Additionally, the company declared 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.