Barrick Gold (ABX) Issues Strong Q2 Earnings as Gold Hit Record High in June
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Barrick Gold Corp. (NYSE: ABX) said Thursday that it saw a 59 percent jump in second-quarter profit as gold prices reached record highs last quarter.
The world’s largest gold miner reported quarterly earnings of $783 million or 79 cents per share, compared to $492 million or 56 cents in the same quarter last year. Excluding one-time items, Barrick earned 77 cents per share in the quarter, 5 cents better than the analyst estimate of 72 cents per share.
Revenue for the company rose 34 percent to $2.64 billion in the three month period ended June 30, slightly better than the market consensus of $2.61 billion.
Gold hit a record high of $1,260 an ounce in June, and averaged nearly $1,200 an ounce throughout the quarter, up nearly 30 percent from the year-ago quarter.
"We had another good quarter with solid operational and financial results. Our operating costs were stable and when combined with the higher realized gold price led to significant margin expansion, record quarterly earnings and strong cash flow generation," said Aaron Regent, Barrick's President and CEO. "We continued to advance our project pipeline in line with our plans.”
The company also said that its board approved a quarterly dividend of 12 cents per share, about 20 percent higher than the previous dividend payment.
Shares of Barrick are up 52 cents to $40.55 on Thursday.
The world’s largest gold miner reported quarterly earnings of $783 million or 79 cents per share, compared to $492 million or 56 cents in the same quarter last year. Excluding one-time items, Barrick earned 77 cents per share in the quarter, 5 cents better than the analyst estimate of 72 cents per share.
Revenue for the company rose 34 percent to $2.64 billion in the three month period ended June 30, slightly better than the market consensus of $2.61 billion.
Gold hit a record high of $1,260 an ounce in June, and averaged nearly $1,200 an ounce throughout the quarter, up nearly 30 percent from the year-ago quarter.
"We had another good quarter with solid operational and financial results. Our operating costs were stable and when combined with the higher realized gold price led to significant margin expansion, record quarterly earnings and strong cash flow generation," said Aaron Regent, Barrick's President and CEO. "We continued to advance our project pipeline in line with our plans.”
The company also said that its board approved a quarterly dividend of 12 cents per share, about 20 percent higher than the previous dividend payment.
Shares of Barrick are up 52 cents to $40.55 on Thursday.
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