Barrick Gold Beats Quarterly Earnings and Revenue Estimates
EPS Surpasses Zacks Consensus, Revenue Grows 6.8%
Toronto, Ontario - Barrick Gold Corporation (NYSE: GOLD) reported strong financial results for the second quarter of 2024, exceeding market expectations.
The company reported quarterly earnings of $0.32 per share, surpassing the Zacks Consensus Estimate of $0.26 per share. This represents a 43.5% increase over the prior quarter's earnings of $0.24 per share.
Barrick Gold's revenue also exceeded expectations, growing by 6.8% to $2.7 billion for the quarter. This outperformance was primarily driven by higher gold prices and increased production volume.
The company's net earnings on a reported basis amounted to $305 million, or $0.17 per share, for the second quarter of 2024. Barrick Gold attributed this improvement to higher gold prices and cost control measures implemented by the company.
These positive results have been well-received by investors, with the company's stock price rising by over 3% in pre-market trading.
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