B2Gold Q4 Earnings Miss Estimates, Revenues Dip Y/Y on Low Production

Core Viewpoint - B2Gold Corp. reported disappointing fourth-quarter 2024 results, with adjusted earnings per share (EPS) of 1 cent, missing the Zacks Consensus Estimate of 6 cents, and reflecting an 86% year-over-year decline due to reduced gold production at the Fekola mine [1][3]. Financial Performance - B2Gold generated revenues of $499.8 million in Q4 2024, a decrease of 2.4% year over year, despite a 33.5% increase in average realized gold prices, which was offset by a 26.9% decline in gold ounces sold [3]. - The company recorded consolidated gold production of 186,001 ounces in Q4 2024, down 31.1% year over year [3][4]. - The total cost of sales for the quarter was$ 326 million, up 6.3% year over year, with gross profit decreasing by 15.4% to $174 million, leading to a gross margin contraction to 34.8% from 40.1% in the prior year [6]. Cost Structure - B2Gold's consolidated cash operating costs rose to$ 968 per ounce, an increase of 58.4% year over year, while the all-in-sustaining costs (AISC) increased by 32% to $1,668 per ounce [5]. Cash Flow and Balance Sheet - At the end of 2024, B2Gold had cash and cash equivalents of$ 337 million, up from $307 million at the end of 2023, and generated$ 878 million in cash from operating activities in 2024 compared to $714 million in 2023 [7]. Annual Performance - For the full year 2024, B2Gold reported an adjusted EPS of 16 cents, down from 28 cents in the prior year, and missed the Zacks Consensus Estimate of 21 cents. Total sales fell by 1.2% year over year to$ 1.90 billion, meeting the Zacks Consensus Estimate [8]. Production Outlook - B2Gold expects total gold production for 2025 to be in the range of 970,000 to 1,075,000 ounces, with 2024 production recorded at 804,778 ounces [9]. Stock Performance - B2Gold's shares have increased by 19.8% over the past year, contrasting with the industry's growth of 61% [10].