Barrick Gold To Beat Q2 earnings On Greater Production?

Barrick Gold To Beat Q2 earnings On Greater Production?

Results for the second quarter will be released by Barrick Gold (NYSE:GOLD) on Monday, Aug. 8, before the market opens.

Consensus revenue projections are $2.85B (-1.4 percent Y/Y) and consensus EPS projections are $0.22 (-24.1 percent Y/Y).

GOLD has outperformed revenue and EPS expectations by 50% and 88%, respectively, during the past two years.

There have been 11 lower adjustments to EPS estimates in the last three months. There have been two adjustments in the positive direction and two in the negative.

1.04 million ounces of gold and 120 million pounds of copper were produced in the preliminary second quarter, according to GOLD, which was sufficient to meet FY output targets.

In Q2, gold production increased sequentially due to better portfolio performance. Copper production increased in Q2 compared to Q1, as projected by Lumwana.

After the miner revealed Q1 results marginally better than Street expectations, GOLD shares marginally increased. Due to lower output at its Carlin and Cortez mines in Nevada, Q1 gold production decreased by 10.1% to 990K oz.

At the time, GOLD stated it anticipated better results in the second half of 2022.

Additionally, GOLD increased its quarterly dividend by double to $0.20 per share, including a $0.10 performance dividend. The good output should aid GOLD’s Q2 performance, according to SA contributor Fun Trading’s analysis, which classified the stock as Hold.

Shares of GOLD have decreased 16.4% year to date.

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