NEW YORK – Barrick Gold Corporation (NYSE:) reported better-than-expected second quarter earnings and revenue on Friday, sending shares up 2% in early trading.
The gold mining giant posted adjusted earnings per share of $0.32, surpassing analyst estimates of $0.27. Revenue came in at $3.16 billion, edging past the consensus forecast of $3.14 billion.
Net earnings rose 25% quarter-over-quarter to $370 million, while the attributable EBITDA margin expanded 17% to 48%. The company generated strong operating cash flows of $1.16 billion and saw free cash flow jump to $340 million.
“We delivered increased earnings and production in line with guidance, and are on track for a strong second half of the year,” said President and CEO Mark Bristow.
Gold production for Q2 totaled 948,000 ounces at all-in sustaining costs of $1,498 per ounce. The company maintained its full-year 2024 gold production guidance of 3.9-4.3 million ounces.
Barrick highlighted progress on key growth projects, including the ramp-up of the recently permitted Goldrush mine in Nevada and advancement of the Reko Diq copper-gold project in Pakistan.
The company declared a quarterly dividend of $0.10 per share and repurchased 2.95 million shares during Q2 under its $1 billion buyback program.
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