Barrick Gold Corporation (NYSE) reported second-quarter earnings and revenue that beat expectations. This sends its shares up more than 8%, which has its impact on the Cedear of the company listed on the local market.
The gold mining giant posted adjusted earnings per share of $0.32, beating analysts’ estimates of $0.27. Net profit of US$370 million in the second quarter. Revenue came in at $3.16 billion, slightly above the consensus forecast of $3.14 billion.
Net earnings increased 25% quarter-on-quarter to $370 million, while attributable EBITDA margin expanded 17% to 48%. The company generated strong operating cash flows of $1.16 billion and saw free cash flow increase to $340 million.
“We delivered higher earnings and production in line with guidance, and we are on track for a strong second half of the year,” said President and CEO Mark Bristow.
Gold production for the second quarter totaled 948,000 ounces at all-in sustaining costs of $1,498 per ounce. The company maintained its full-year 2024 gold production guidance of 3.9-4.3 million ounces.
Barrick highlighted progress on key growth projects, including the expansion of the recently permitted Goldrush mine in Nevada and the advancement of the Reko Diq copper-gold project in Pakistan.
Insiders at Barrick Gold
Over the past 12 months. An insider’s optimism about the company’s prospects is a positive sign. While we don’t believe shareholders should simply follow insider transactions, we would consider it unwise to ignore them entirely.
In that period, the largest single sale by an insider was when Latin America and Asia Pacific COO Mark Hill sold shares worth almost $5.5 million at a price of $24.30 per share. So it is clear that an insider saw fit to sell around the current price.
Although the market usually does not like to see insider sales, it is more worrying if the sales are made at a lower price. Therefore, analysts estimate that this sale took place around the current price, so it is not a major concern, although it is not a good sign.
Source: Ambito
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