The stock of Barrick Mining (B) is down 5% after the Canadian company delivered financial results that disappointed investors.
The Toronto-based gold miner reported earnings per share (EPS) of $0.82 U.S., which missed analysts’ consensus estimate of $0.88 U.S.
Barrick’s revenue totaled $5.29 billion U.S., beating consensus estimates of $5.19 billion U.S. Sales were up 44% from a year earlier due to higher prices for gold and copper.
Management at Barrick said they’ve reached an agreement with rival miner Newmont (NEM) to resolve all outstanding disputes related to the companies Nevada Gold Mines joint venture.
The resolution will see Newmont pay Barrick Mining $1.95 billion U.S.
In terms of guidance, Barrick Mining forecast full-year gold production of 2.90 million to 3.25 million ounces.
The company also said that it expects capital expenditures this year of $3.8 billion U.S. to $4.2 billion U.S.
The company declared a quarterly dividend of $0.175 U.S. per share, unchanged from the previous quarter.
Prior to today (Aug. 10), Barrick’s stock had declined 1% this year to trade at $43.68 U.S. per share in New York.
