Yahoo Finance B2Gold (BTG) Q1 Earnings and Sales Surpass Estimates, Up Y/Y
B2Gold Corp BTG reported adjusted earnings per share (EPS) of 10 cents for first-quarter 2023, beating the Zacks Consensus Estimate of 7 cents. The bottom line surged 67% year over year.
Including one-time items, the company reported 8 cents per share earnings, flat year over year.
B2Gold generated revenues of $474 million in first-quarter 2023 compared with the prior-year quarter’s $366 million. The top line surpassed the Zacks Consensus Estimate of $316 million.
In the March-end quarter, B2Gold recorded consolidated gold production of 250,719 ounces, up 27.6% year over year. The total consolidated gold production for first-quarter 2023 was 266,856 ounces (including 16,137 ounces of attributable production from Calibre Mining Corp), up 27% from the prior-year quarter.
The company reported the consolidated cash operating costs of $576 per ounce in the reported quarter, down 14.8% year over year. The consolidated all-in sustaining costs (AISC) of $1,049 per ounce were 2% higher than the prior-year quarter’s levels.
During the January-March quarter, the total cost of sales was $260 million, up 15% year over year. The gross profit improved 52.9% year over year to $214 million. The gross margin rose to 45.1% in the reported quarter from the prior-year quarter’s 38.3%. The operating income in the reported quarter was $176 million compared with the prior-year quarter’s $118 million.
B2Gold Corp Price, Consensus and EPS Surprise
B2Gold Corp price-consensus-eps-surprise-chart | B2Gold Corp Quote
Financial Position
B2Gold’s cash and cash equivalents were $674 million at the end of the first quarter 2023 compared with $649 million witnessed at the end of first quarter of 2022. The company generated $204 million cash from operating activities in the March-end quarter compared with $107 million in the year-ago quarter.
The company’s long-term debt was $35 million at the end of the first quarter compared with $42 million at the end of 2022.
Outlook
B2Gold reaffirms financial guidance for the current year. It expects 2023 total gold production guidance between 10,00,000 and 10,80,000 ounces which includes 60,000-70,000 attributable ounces from Calibre. Total consolidated cash operating costs are projected between $670 and $730 per ounce. Total consolidated AISC is anticipated between $1,195 and $1,255 per ounce.
Price Performance
In the past year, B2Gold’s shares have gained 4.8% compared with the industry’s growth of 16.3%.
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Zacks Rank & Stocks to Consider
B2Gold currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Gold Fields Limited GFI, Steel Dynamics STLD, and Alamos Gold Inc. AGI. GFI currently flaunts a Zacks Rank #1 (Strong Buy) while STLD and AGI carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Gold Fields’ fiscal 2023 earnings per share is pegged at $1.01. Earnings estimates have moved 6.3% north in the past 60 days. GFI has a trailing four-quarter earnings surprise of 7.7%, on average. Its shares have gained 46.2% in the past year.
The Zacks Consensus Estimate for Steel Dynamics’ earnings per share is pegged at $15.99 for 2023. Earnings estimates have been revised 37% upward in the past 60 days. STLD has a trailing four-quarter average surprise of 10.7%, on average. The company has gained 26.6% in a year.
The Zacks Consensus Estimate for Alamos Gold’s earnings per share is pegged at $0.47 for 2023. Earnings estimates have been revised 14.6% upward in the past 60 days. AGI has gained 91.4% in a year.
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Steel Dynamics, Inc. (STLD) : Free Stock Analysis Report
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Alamos Gold Inc. (AGI) : Free Stock Analysis Report
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