Reuters Business
Barrick 1Q earnings fall on lower sales
(In U.S. dollars unless noted)
TORONTO, May 1 (Reuters) - Barrick Gold Corp. (Toronto:ABX.TO - news; NYSE:ABX - news), the world's second-biggest gold producer, said on Wednesday its first-quarter earnings fell as declining gold sales failed to offset a higher average realised gold price.
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Barrick, which has extensive gold properties in North America, South America, Africa and Australia, reported earnings of $46 million, or 9 cents a share, for the period ended March 31, down from $87 million, or 16 cents a share, for the same period a year earlier.
This lagged the expectations of 13 analysts polled by Thomson Financial/First Call, who had forecast earnings in a range between 11 cents and 14 cents, with a consensus earnings estimate of 12 cents.
Analysts had expected earnings to decline, despite higher gold prices in the first quarter. They said Barrick had hedged gold at below current price levels and output had fallen at some of its mines.
Gold sales for the period were $478 million, down from $499 million a year earlier.
Barrick shares have risen more than 25 percent so far this year, outpacing rival Placer Dome Inc. (Toronto:PDG.TO - news; NYSE:PDG - news), which is up 12.6 percent. It still lags the Toronto Stock Exchange's gold and precious minerals index (^TGL - news), which has risen 31 percent amid a 10 percent rise in gold prices so far this year.
($1=$1.57 Canadian) |
