Barrick Gold Sees Net Loss in Q4; Beats Estimates (ABX)

Barrick Gold Sees Net Loss in Q4; Beats Estimates (ABX)


Gold producer, Barrick Gold Corporation(ABX) reported a net loss for their fourth quarter, but beat estimates on Thursday.

The Toronto, ON based company saw a fourth quarter net loss of -$3.06 billion, or -$3.06 per share, compared to last years earnings of $959 million, or 96 cents per share.

The quarters earnings included a $4.2 billion impairment charge involving the company’s copper business. Adjusted earnings were $1.11 billion, or $1.11 per share, down from $1.17 billion, or $1.17 per share last year. Analysts expected to see earnings of $1.06 per share.

The drop in adjusted earnings was a result of higher gold and copper costs, which were partially offset by a realized higher gold price and a drop in income tax expenses.

Revenue rose by 10% to $4.19 billion, from $3.76 billion last year. Analysts expected $3.9 billion in revenue.

During the quarter, the company increased gold production by 10% from 1.81 million ounces to 2.02 million ounces. The company also reported that the amount of gold sold increased by 7.8%.

Additionally, the company reported that Executive Vice President and Chief Operating Officer Igor Gonzales will resign this year. He has agreed to remain with the company until a successor is established.

For 2012, the company saw a net loss of -$665 million, or 66 cents per share, compared with net income of $4.48 billion, or -$4.48 per share in 2011. Excluding special items, earnings were $3.83 billion, or $3.82 per share, missing analysts estimate of $3.85 per share.

Barrick Gold shares were up 53 cents, or 1.68% during Thursday morning trading. The stock has declined -32% in the past year.

The Bottom Line
Shares of Barrick Gold Corporation(ABX) have a 2.53% yield, based on Wednesday’s closing price of $31.59.

Barrick Gold Corporation(ABX) is not recommended at this time, holding a DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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