Earnings Review and Free Research Report: Barrick Gold’s Q3 Earnings Met Expectations

Research Desk Line-up: Gold Resource Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 14, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Barrick Gold Corp. (NYSE: ABX), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=ABX, following the Company's posting of its third quarter fiscal 2017 (Q3 FY17) earnings on October 25, 2017. The Toronto, Canada-based Company's adjusted net earnings fell on a year-over-year basis, however, it met market consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Gold industry. Pro-TD has currently selected Gold Resource Corp. (NYSE AMER: GORO) for due-diligence and potential coverage as the Company reported on October 31, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Gold Resource when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on ABX; also brushing on GORO. With the links below you can directly download the report of your stock of interest free of charge at:

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Earnings Reviewed

During the Q3 FY17, Barrick Gold reported revenues of $1.99 billion, which came in lower than the $2.30 billion reported in Q3 FY16. Revenues number missed market expectations of $2.04 billion for Q3 FY17.

The gold and copper mining Company post net loss of $11 million, or $0.01 loss per diluted share, in Q3 FY17 versus net earnings of $175 million, or $0.15 per diluted share, in the prior year's comparable quarter. The Company's adjusted net earnings was $186 million, or $0.16 per share, for Q3 FY17 compared to $278 million, or $0.24 per share, in Q3 FY16. Wall Street had expected the Company to report adjusted earnings of $0.17 per diluted share. Furthermore, the Company attributed the decline in net earnings to lower gold production and lower gold prices along with the impact of Tanzania's concentrate export ban on Acacia.

Production Numbers

The Company's Gold production volume was 1.24 million ounces in Q3 FY17 compared to 1.38 million ounces in the previous year's same quarter. The gold cost of sales increased to $820 per ounce during Q3 FY17 from $766 per ounce in Q3 FY16. The all-in sustaining costs were $772 per ounce in Q3 FY17 versus $704 per ounce in the prior year's comparable period. Furthermore, the Company sold 1.23 million ounces of gold in Q3 FY17 at an average realized price of $1,274 per ounce compared to 1.39 million ounces of gold at an average realized price of $1,333 per ounce in the last year's corresponding quarter.

In Q3 FY17, Copper production volume was 115 million pounds, which was above the 100 million pounds reported in the last year's comparable quarter. For the reported quarter, cost of sales attributed to copper production increased to $1.67 per pound from $1.43 per pound Q3 FY16. The all-in sustaining costs associated with copper production also increased to $2.24 per pound in Q3 FY17 from $2.02 per pound in Q3 FY16. Moreover, the Company sold $107 million pounds of copper in Q3 FY17 at an average realized price of $3.05 per pound, up from $102 million pounds at an average realized price of $2.18 per pound.

Cash Flow and Balance Sheet

In the three months ended September 30, 2017, net cash generated by operating activities stood at $532 million compared to $951 million in Q3 FY16. Additionally, free cash flow during the reported quarter was $225 million versus $674 million in Q3 FY16.

As on September 30, 2017, cash and equivalents balances stood at $2.03 billion with working capital (excluding cash) position of $1.35 billion compared of cash equivalents and working capital (excluding cash) balance of $2.39 billion and $1.16 billion, respectively, as on December 31, 2016. Furthermore, the Company's non-current debt position as on September 30, 2017, was $6.38 billion, lower than $7.79 billion recorded on December 31, 2016.

Dividends

In a separate press release on October 25, 2017, Barrick Gold's Board of Directors declared a dividend for the quarter of $0.03 per share. The dividend will be payable on December 15, 2017, to shareholders of record at the close of business on November 30, 2017.

Earnings Outlook

The Company, in its outlook for full-year FY17, expects gold production to be in the range of 5.30 million to 5.50 million ounces. The Company anticipates cost of sales applicable to gold during FY17 to be between $790 and $810 per ounce. Additionally, the Company's gold all-in sustaining costs for FY17 is projected to be between $740 and $770 per ounce. Furthermore, the Company anticipates full-year FY17 copper production in the range of 420 million to 440 million pounds, at a cost of sales in the range of $1.70 to $1.85 per pound, with all-in sustaining costs in to be between $2.20 and $2.40 per pound.

Stock Performance

On Monday, November 13, 2017, Barrick Gold's stock closed the trading session at $13.95, slightly falling 0.21% from its previous closing price of $13.98. A total volume of 5.06 million shares were exchanged during the session. Shares of the Company have a PE ratio of 7.47 and have a dividend yield of 0.86%. The stock currently has a market cap of $16.42 billion.

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