Barrick Gold Corp's Upbeat Q4 Results Beat All Estimates

SEATTLE (Scrap Monster): Barrick Gold Corporation declared better-than-expected quarterly profit, beating analysts’ expectations. The performance boost was mainly on account of rising gold prices.

According to company press release, the adjusted net earnings in the three months ending December 2019 were $300 million or $0.17 per share. This was significantly higher when compared with $264 million in the prior quarter. The company reported net earnings per share of $2.26 for the whole year 2019. Also, Barrrick Gold halved its net debt to $2.2 billion during the previous year. Following the upbeat performance, the company announced its decision to hike quarterly dividend by 40% from $0.05 per share in Q3 ‘19 to $0.07 per share in the fourth quarter of 2019.

ALSO READ: Barrick Gold Signs Historic Mining Deal with Tanzanian Government

Barrick’s 2019 gold production rose from 4.5 million ounces in 2018 to 5.5 million ounces in 2019 to hit the upper end of the guidance range. Also, the company’s realized prices for gold surged higher by 21%.

Mark Bristow, President and CEO noted that the Nevada Gold Mines joint venture boosted production from North American operations. The Latin American, Asia Pacific and Africa Middle East operations too reported strong performances, he added.