Barrick Gold Corp. (NYSE:ABX) just released its Q2 2016 earnings results, posting earnings of $0.14 per share and revenue of $2.01 billion.
Currently, ABX has a Zacks Rank #2 (Buy), but it is subject to change following the release of the company’s latest earnings report. Here are 5 key statistics from this just announced report below.
Barrick Gold:
1. Met earnings estimates. The company posted earnings of $0.14 per share, meeting our Zacks Consensus Estimate.
2. Missed revenue estimates. The company saw revenue figures of $2.01 billion, missing our estimate of $2.04 billion.
3. ABX stated in their official announcement that “Gold production in the second quarter was 1.34 million ounces at a cost of sales applicable to gold of $1.23 billion, and all-in sustaining costs of $782 per ounce. Compared to the first half of 2015, cost of sales applicable to gold has declined by 14 percent to $2.43 billion. Over the same period, we have reduced our all-in sustaining costs by 19 percent.”
4. Commercial production has commenced at the Jabal Sayid copper mine in Saudi Arabia. Reflecting this event, Barrick has increased their 2016 copper guidance to 380-430 million pounds, up from their original guidance of 370-410 million pounds.
5. ABX was down $0.49, or 2.3%, to $20.86 as of 4:49 p.m. EDT in after-hours trading shortly after its earnings report was released.
Here’s a graph that looks at Barrick’s latest earnings performance:
Barrick Gold Corporation is an international gold producer with low-cost mines in North and South America.
Check back later for our full analysis on Barrick’s latest quarterly earnings report!
If you want information on how to trade during earnings season, check out the Zacks Market Edge Podcast below.
BARRICK GOLD CP (ABX): Free Stock Analysis Report
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