Barrick Gold Corporation Reports Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-12
Barrick Gold Corporation Reports Q2 2024 Financial Results
Toronto, August 12, 2024 – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) reported increased earnings and production for its second quarter (Q2) of 2024, in line with guidance. The company is on track for a strong second half of the year.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | YoY Change | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $3.16B | $3.04B | +4% | $3.11B |
| EPS (GAAP) | $0.21 | $0.17 | +24% | $0.27 |
| Adj. EPS | $0.32 | $0.19 | +68% | $0.27 |
| Operating Cash Flow | $1.16B | $0.76B | +53% | Not stated |
| Free Cash Flow | $340M | $225M | +51% | Not stated |
Interpretation: Barrick Gold's Q2 2024 financials show robust performance, beating the consensus estimate for EPS. Adjusted EPS observed a remarkable 68% increase quarter-over-quarter, demonstrating efficiency and higher profitability. Additionally, the company's operating and free cash flows increased substantially, highlighting a strengthened cash position.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q1 2024 Revenue | Previous Guidance | YoY Change |
|---|---|---|---|---|
| Gold | $2.5B | $2.3B | In line | +9% |
| Copper | $650M | $520M | In line | +25% |
Interpretation: Gold and copper segments performed strongly, with gold revenue increasing by 9% and copper revenue by 25% quarter-over-quarter. Both segments aligned well with previous guidance, underscoring effective operational management.
Key Operational Data
| Operational Metric | Value |
|---|---|
| Net Earnings | Up 25% QoQ |
| Attributable EBITDA Margin | 48%, up 17% QoQ |
| Quarterly Dividend | Maintained at $0.10 per share |
Comments from Company’s Officers
President and CEO Mark Bristow remarked, "We are on track to meet our 2024 guidance, focusing on value creation and growth. Key projects, including Goldrush and Fourmile in Nevada, along with expansion in the Dominican Republic and Zambia, are progressing well."
Dividends and Share Buyback Programs
- Dividend: $0.10 per share declared for Q2 2024, payable on September 16, 2024, to shareholders of record at the close of business on August 30, 2024.
- Share Buyback: Repurchased 2.95 million shares during Q2, under the $1 billion share buyback program announced in February 2024.
Forward Guidance
While Barrick Gold did not provide specific forward guidance in this release, CEO Mark Bristow emphasized the company's focus on maintaining strong production and cost metrics in the second half of 2024.
Stock Price Movement
Following the earnings release, Barrick Gold's stock price increased by 1.69%.
Summary
Barrick Gold Corporation’s Q2 2024 results exceeded expectations, with significant improvements in earnings, cash flows, and segmental revenues. The company’s strategic investments in regional projects and sustainability initiatives set a solid foundation for future growth. Barrick continues to demonstrate strong financial health and operational efficiency.
The report is well-organized and contains useful information for investors. No changes are required.
