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- Barrick Gold (NYSE:GOLD) is scheduled to announce 3Q earnings results on Thursday, November 4th, before market open.
- The consensus EPS Estimate is $0.23 (-43.9% Y/Y) and the consensus Revenue Estimate is $2.87B (-18.9% Y/Y).
- Over the last 2 years, GOLD has beaten EPS estimates 88% of the time and has beaten revenue estimates 50% of the time.
- Over the last 3 months, EPS estimates have seen 0 upward revisions and 11 downward. Revenue estimates have seen 0 upward revisions and 4 downward.
- Barrick Gold slipped 3.50% on August 10, the day after it posted a GAAP EPS of $0.23 and revenue drop of 5.6% Y/Y to $2.89B for 2Q21, both of which missed analyst estimates. The stock was also under pressure from an overnight decline in gold prices.
- Gold pricing posted its sharpest drop in nearly six weeks in September following data showing a rise in retail sales. However, prices were able to rally in October and approach the $1,800/oz handle as CPI data came in higher than anticipated. In the same month, Barrick said it remains on track to achieve FY 2021 guidance after reporting preliminary 3Q sales of 1.07M oz. of gold and 101M lbs. of copper, as well as production of 1.09M oz. of gold and 100M lbs. of copper.
- 3Q production data shows a nearly 5% sequential rise in gold production, with output from the Veladero mine reaching 48K oz. from 31K oz. in 2Q. Barricks' two Tanzanian mines are also on track to achieve their 2021 production guidance and replace depleted reserves. Its Kibali gold mine too is set to meet full-year production guidance and grow its mineral reserves net of depletion.
Recent SA analysis has highlighted Barrick has a good investment option with stable mining operations and further copper expansion opportunities. However, National Bank of Canada downgraded shares to Sector Perform from Outperform, saying the miner may have difficulty achieving its full-year copper guidance despite expected improvements in 4Q.