(Updated - April 30, 2014 6:55 AM EDT)

Barrick Gold Corp. (NYSE: ABX) reported Q1 EPS of $0.20, $0.01 better than the analyst estimate of $0.19. Revenue for the quarter came in at $2.6 billion versus the consensus estimate of $2.6 billion.

"Barrick is a considerably different company today than it was a year ago - leaner, stronger and more financially flexible. Our first quarter all-in sustaining costs of $833 per ounce, $100 per ounce below the prior year quarter, demonstrate that our efforts to reduce costs are delivering tangible results," said Jamie Sokalsky, Barrick's President and CEO. "We continue to focus on assets that can generate the most attractive risk-adjusted returns and free cash flow for Barrick and its shareholders, and we are decisively addressing our under-performing operations. It's clear that Barrick's optimized portfolio continues to deliver solid results, and we are pursuing a number of opportunities in Nevada to unlock further value from our high quality asset base."

Key points issued by the company:

Operational Excellence is a Top Priority

--  Maintaining 2014 gold production guidance and all-in sustaining cost (AISC) guidance, the lowest costs among the senior peer group

--  Five core mines produced 0.94 million ounces of gold at an average AISC of $672 per ounce. These mines are expected to contribute about 60 percent of total production in 2014 at an average AISC of $750-$800 per ounce

--  On track to achieve run rate for targeted $500 million in annual savings by the end of 2014

Further Progress on Portfolio Optimization

--  Barrick continues to optimize its portfolio and lower costs. The company has divested non-core assets for a total consideration of over $1 billion since July 2013, including the sale of the Kanowna and Plutonic mines in Australia and its 33 percent stake in the Marigold mine in Nevada in 2014

--  Reduced equity interest in African Barrick Gold (ABG) by 10 percent during the quarter, capitalizing on the substantial improvement in ABG's share price in 2014 and creating additional liquidity in ABG

--  Completing advanced scenario plans for a range of metal price environments, which will allow Barrick to respond and adapt quickly to changes in market conditions. Options under consideration include preserving cash, downsizing, closing, expanding or accelerating certain operations depending on market conditions. This will result in a more optimized portfolio that maximizes profitability in a lower metal price environment and better positions the company to capitalize on the strength of its asset base in the event of a price recovery

Financial Flexibility

--  Cash and cash equivalents of $2.7 billion as at March 31, 2014

--  Operating cash flow of $585 million in the first quarter of 2014

--  $4.0 billion available under undrawn credit facility extended to January 2019

--  $300 million of debt maturing in the next two years, and approximately $1 billion due in the next four years

For earnings history and earnings-related data on Barrick Gold Corp. (ABX) click here.