Barrick Gold Earnings: Here’s Why the Stock is Rising Now

Barrick Gold Corporation (NYSE:ABX) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 2.36%.

Barrick Gold Corporation Earnings Cheat Sheet

Results: Adjusted Earnings Per Share decreased 15.38% to $0.66 in the quarter versus EPS of $0.78 in the year-earlier quarter.

Revenue: Decreased 2.35% to $3.2 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Barrick Gold Corporation reported adjusted EPS income of $0.66 per share. By that measure, the company beat the mean analyst estimate of $0.56. It beat the average revenue estimate of $3.11 billion.

Quoting Management: “We are pleased with our second quarter operating performance and our improved 2013 guidance. These results reflect the high quality of Barrick’s portfolio of assets and our increasingly effective efforts at controlling costs. We are disappointed with the impairment charges for Pascua-Lama and other assets but are confident that these assets, some with mine lives in excess of 25 years, will generate substantially more economic benefits over time,” said Jamie Sokalsky, Barrick’s President and CEO.

Key Stats (on next page)…

Revenue decreased 23.59% from $4.19 billion in the previous quarter. EPS decreased 28.26% from $0.92 in the previous quarter.

Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.75 to a profit $0.54. For the current year, the average estimate has moved down from a profit of $3.28 to a profit of $2.51 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)

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