Barrick Gold (GOLD, Financial) has released its third-quarter financial results, revealing a revenue of $3.37 billion, which marks an 18% increase from the same period last year but falls short of the expected $3.46 billion. The adjusted earnings per share reached $0.30, slightly under analysts' forecasts of $0.31. The company's profits were affected by decreased mine production, particularly impacting results from its Carlin and Cortez mines in Nevada.
During October, Barrick's gold production for the third quarter was 943,000 ounces, reflecting a 9% year-over-year decline and a 1% sequential drop, missing market expectations. The all-in sustaining cost (AISC) for gold rose to $1,507 per ounce, a 20% increase from the previous year, and slightly higher than the second quarter's $1,498 per ounce. AISC is a key industry metric that reflects the total cost of gold production.
Copper production for Barrick in October's third quarter was 48,000 metric tons, down 6% from last year but showing a 12% increase from the previous quarter. The AISC for copper rose to $3.57 per pound, a 20% year-over-year increase but lower than the second quarter's $3.67 per pound.
Barrick Gold has declared a third-quarter dividend of $0.10 per share, adhering to its distribution policy, with payments scheduled for December 16, 2024, to shareholders recorded by November 29, 2024. The company repurchased an additional 4.725 million shares under its $1 billion share buyback plan announced in February 2024, bringing the total buyback for the year to 7.675 million shares.
The company is focused on maintaining financial flexibility while returning value to shareholders through dividends and share buybacks, despite slightly underperforming expectations this quarter. Executive Vice President and CFO Graham Shuttleworth highlighted the strong balance sheet supported by record gold prices and world-class gold and copper assets, enabling robust dividends while ensuring liquidity for business growth and additional stock repurchases.
Looking ahead, Barrick Gold reaffirms its annual production and cost guidance, anticipating a strong fourth-quarter performance. The company projects 2024 full-year gold production between 3.90 to 4.30 million ounces, with a selling cost of $1,320 to $1,420 per ounce. Full-year copper production is expected between 180,000 to 210,000 metric tons, with a selling cost of $2.68 to $2.95 per pound.
