Barrick Gold Corp (NYSE:GOLD) (TSE:ABX) slipped Wednesday after reporting a decline in fourth-quarter revenue, missing the estimates of Wall Street analysts.
For the quarter, the miner posted a net loss of US$1.2 billion or US$1.02 per share, on revenue of US$1.9 billion, compared with a net loss of US$314 million, or US$0.27 per share, on revenue of US$2.2 billion a year earlier. On an adjusted basis, the company posted net earnings of US$0.06 per share, which matched the average forecast of analysts. Revenue fell short of the US$1.96 billion consensus estimate.
Shares of the company fell 2.1% to US$13.09 in Wednesday’s New York pre-market trading.
READ: Barrick Gold's 3Q profit weakens, revenue drops as metals prices continue to slide
The Toronto-based company generated annual revenue of US$7.24 billion, operating cash flow of US$1.77 billion and free cash flow of US$365 million. Barrick reported a net loss of US$1.55 billion in 2018, primarily because of a net impairment charge of US$900 million related to the Veladero and Lagunas Norte mines.
A focus on capital discipline, according to the company, allowed it to increase investments in organic growth and significantly reduce debt, while raising returns to shareholders.
In 2018, the company produced 4.53 million ounces of gold at a cost of sales of US$892 per ounce and all-in sustaining costs of US$806 per ounce. That is among the lowest for major gold companies, according to Barrick.
The miner completed its merger with Randgold Resources Ltd on January 1.
Contact Dennis Fitzgerald at dennis@proactiveinvestors.com