Barrick Gold Fourth-Quarter Earnings Results

Earnings Forecast:

Analysts polled by FactSet are projecting adjusted earnings of 20 cents per share for Barrick Gold's fourth quarter of 2023. They also anticipate adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to reach $1.33 billion. In the same quarter of 2022, Barrick recorded adjusted earnings of 13 cents per share and adjusted EBITDA of $1.29 billion.

Revenue Forecast:

Revenue for the quarter is expected to reach $3.08 billion, compared to $2.77 billion in the final quarter of 2022.

Key Points to Watch:

Barrick's 2024 Guidance:

Analysts will closely monitor Barrick's 2024 guidance, especially after the company fell short of its gold production target in the previous year. Barrick reported preliminary gold output of 4.05 million ounces in 2023, below its initial target range of 4.2 million to 4.6 million ounces. The company also produced 420 million pounds of copper, at the lower end of its guidance. Analysts at CIBC Capital Markets expect production levels in 2024 to be similar to last year, but Barrick did indicate a slight increase in production for that year in its 10-year gold and copper profile presented to investors in September.

Cost Guidance:

Another important aspect to watch is Barrick's guidance on costs. The company anticipates higher total cash costs per ounce of gold in the fourth quarter, with a projected increase of 7% to 9% compared to the third quarter. All-in sustaining costs are expected to be up by 8% to 10%. Additionally, Barrick predicts an increase of 5% to 7% per pound in copper cash costs, but a decrease of 2% to 4% in all-in sustaining costs.