Barrick Gold Corporation announced that its first-quarter 2023 revenue fell to US$2.64 billion from US$2.85 billion a year earlier, while its adjusted earnings per share for the period of $0.14 was down from the $0.26 it recorded in the same quarter of 2022.
Analysts on average had expected an adjusted profit of $0.11 per share on US$2.5 billion in revenue, according to estimates provided by financial markets data firm Refinitiv.
Barrick, one of the world's biggest gold miners, cited a decrease in production and a 16% increase in the cost of sales, which was offset by a higher realized gold price, as reasons for its lower financial figures.
The company’s CEO, however, said it generated more free cash flow during the first quarter.
Barrick noted its gold production fell to 952,000 ounces from 990,000 ounces in the first quarter of last year, while its copper output declined to 88 million pounds from 101 million pounds a year ago.
The company added that it has targeted full-year 2023 production of 4.2 million to 4.6 million gold ounces and 420 million to 470 million pounds of copper, compared with the 4.14 million ounces of gold and 440 million pounds of copper it mined last year.
Shares of Barrick Gold rose 0.8% to US$19.94 in late morning New York trading on Wednesday.
Contact Sean at sean@proactiveinvestors.com