Barrick Gold (ABX) Posts Record $837 Million Profit
October 28, 2010 7:16 AM
Toronto, Canada based Barrick Gold Corporation (NYSE: ABX) on Thursday morning released financial results that beat Wall Street expectations.
Barrick Gold Corporation reported that its 3rd quarter net income was a record $837 million, or 85 cents per share.
Excluding special items, the company earned 84 cents per share.
Revenue rose to $2.775 billion, up from $2.038 billion a year earlier.
A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 76 cents per share, on revenue of $2.64 billion.
President and chief executive officer Aaron Regent said, "Operationally we had an excellent quarter, meeting our production and cost targets. Our project pipeline continues to be advanced and the focus on value creation opportunities has surfaced new investment and growth opportunities within our existing asset base. This will support our goal of producing nine million ounces annually within the next five years. The leverage we have to the gold price is also clear and is reflected in the 50% growth in our operating margins and in our record net income and operating cash flow."
Barrick Gold Corporation (ABX) ended the previous trading session at $45.60 per share. Analysts covering the company's stock have a consensus price target of $56.21 per share.
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