Barrick Gold Q1 Earnings Beats Despite Lower Production, Declares Dividend, Expects Higher H2 2023 Production

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  • Barrick Gold Corp GOLD reported Q1 2023 revenue decline of 7% Y/Y to $2.64 billion, beating the consensus of $2.59 billion.
  • In Q1, gold production stood at 952,000 ounces (-4% Y/Y), with planned maintenance at Nevada Gold Mines and starting of plant commissioning at Pueblo Viejo. Gold sales was 954,000 ounces (-4% Y/Y).
  • The Average realized gold price rose 1% Y/Y to $1,902 per ounce, and All-in sustaining costs (AISC) increased 18% Y/Y to $1,370 per ounce in Q1.
  • Copper production declined 13% Y/Y to 88 million pounds and the Average realized copper price was $4.20 per pound (-10% Y/Y).
  • Adjusted EPS of $0.14 exceeded the consensus of $0.11.
  • At the end-Q1, cash and equivalents stood at $4.38 billion, and debt was $4.78 million at the end of the quarter.
  • Capital expenditure rose 13% Y/Y to $688 million and operating cash flow declined 23% Y/Y to $776 million. 
  • Dividend: GOLD declared Q1 dividend per share of $0.10, to be paid on June 15, 2023, to shareholders of record as on May 31, 2023.
  • Repurchase: In February 2023, the company authorized a new share repurchase program of up to $1.0 billion shares, to be completed over the next 12 months.
  • 2023 Outlook Reiterated: GOLD expects attributable gold production in the range of 4.2-4.6 million ounces and AISC in the range of $1,170-$1,250 per ounce.
  • The company projects copper production in the range of 420-470 million pounds and an AISC of $2.95-$3.25 per pound in 2023.
  • For 2023, capital expenditures are expected to be within $2.20 billion-$2.60 billion.
  • "The completion of major processing plant maintenance at Nevada Gold Mines, the conversion of the Goldstrike autoclave to a carbon-in-leach process, a much-improved performance from Turquoise Ridge and the steady ramp-up of throughput at Pueblo Viejo's expanded plant will boost production in the second half of the year and keep Barrick on track to achieve its 2023 guidance, the company said today," the company said.
  • Price Action: GOLD shares closed higher by 0.66% at $19.93 after-hours on Tuesday.
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