Barrick Gold Corporation GOLD recorded profits (on a reported basis) of $483 million or 28 cents per share in third-quarter 2024, up from $368 million or 21 cents per share in the year-ago quarter. Barring one-time items, adjusted earnings per share were 31 cents. The figure missed the Zacks Consensus Estimate of 33 cents.

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Barrick Gold recorded total sales of $3,368 million, up 17.7% year over year.

Barrick Gold Corporation Price, Consensus and EPS Surprise

Barrick Gold Corporation price-consensus-eps-surprise-chart | Barrick Gold Corporation Quote

GOLD’s Operational Highlights

Total gold production was 943,000 ounces in the quarter, down around 9.2% year over year. The average realized price of gold was $2,494 per ounce, up around 29.3% year over year. 

The cost of sales increased around 15% year over year to $1,472 per ounce. All-in-sustaining costs (AISC) moved up 20% year over year to $1,507 per ounce. Copper production decreased roughly 5.9% year over year to 48,000 tons. The average realized copper price was $4.27 per pound, up 12.9% year over year.

GOLD’s Financial Position

At the end of the quarter, Barrick Gold had cash and cash equivalents of $4,225 million, down 0.8% year over year. The company’s total debt was $4,725 million, down 1% year over year.

The operating cash flow was $1,180 million, while the free cash flow was $444 million.

GOLD’s Guidance

For 2024, Barrick Gold anticipates attributable gold production to be at the bottom end of its earlier announced guided range of 3.9-4.3 million ounces.

AISC is projected to be in the band of $1,320-$1,420 per ounce. The company also expects cash costs per ounce of $940-$1,020.

GOLD expects copper production to be in the range of 180-210 million pounds at AISC of $3.10-$3.40 per pound, cash costs per ounce of $2-$2.30 and cost of sales of $2.65-$2.95 per pound.

Capital expenditures are projected to be in the band of $2,500-$2,900 million.

GOLD Stock’s Price Performance

Barrick Gold’s shares have gained 20.8% in the past year compared with the industry’s 42.8% growth.

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GOLD's Zacks Rank & Other Mining Releases

GOLD currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Freeport-McMoRan Inc.’s FCX adjusted earnings per share of 38 cents missed the Zacks Consensus Estimate of 40 cents. FCX expects consolidated sales volumes for 2024 to be around 4.1 billion pounds of copper, 1.8 million ounces of gold and 80 million pounds of molybdenum.