Barrick Gold's Q4 Earnings Surpass Estimates, Sales Up Y/Y

Core Insights - Barrick Gold Corporation reported net earnings of $996 million or 57 cents per share for Q4 2024, an increase from $479 million or 27 cents per share in the same quarter last year [1] - Adjusted earnings per share were 46 cents, surpassing the Zacks Consensus Estimate of 41 cents [1] - Total sales reached $3,645 million, reflecting a year-over-year increase of approximately 19.2% [2] Operational Highlights - Total gold production was 1,080,000 ounces, up about 2.5% year over year [3] - The average realized price of gold was $2,657 per ounce, an increase of around 33.8% [3] - Cost of sales rose about 5.1% year over year to $1,428 per ounce, while all-in-sustaining costs (AISC) increased approximately 6.4% to $1,451 per ounce [3] Financial Position - At the end of the quarter, Barrick had cash and cash equivalents of $4,074 million, down 1.8% year over year [4] - Total debt stood at $4,729 million, unchanged from the previous year [4] - Operating cash flow was $1,392 million, with free cash flow amounting to $501 million [4] FY24 Results - For the full year 2024, Barrick reported total sales of $12,922 million, a 13% increase from the previous year [5] - Earnings surged 69% year over year to $1.22 per share, while adjusted net earnings rose 50% to $1.26 [5] - Operating cash flows increased by 20% year over year to nearly $4.5 billion, and free cash flow surged 104% to $1,317 million [5] Guidance - For 2025, Barrick anticipates attributable gold production between 3.15-3.5 million ounces [6] - AISC is projected to be $1,460-$1,560 per ounce, with cash costs per ounce forecasted at $1,050-$1,130 [6] - Copper production is expected to be between 200,000-230,000 tons, with AISC of $2.80-$3.10 per pound [6] Capital Expenditures and Share Buyback - Total attributable capital expenditures are projected to be in the range of $3,100-$3,600 million for 2025 [7] - The board authorized a new share repurchase program of up to $1 billion over the next 12 months, terminating the previous program [7] - Under the 2024 program, Barrick bought back $498 million in common shares [7] Price Performance - Barrick's shares have increased by 29.3% over the past year, compared to a 57.1% rise in the industry [8]