Research Desk Line-up: New Gold Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 7, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Barrick Gold Corp. (NYSE: ABX), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=ABX, following the Company's release of its second quarter fiscal 2017 (Q2 FY17) earnings on July 26, 2017. The Toronto, Canada-based Company's revenues and adjusted net earnings grew on a y-o-y basis, outpacing market consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Gold industry. Pro-TD has currently selected New Gold Inc. (NYSE American: NGD) for due-diligence and potential coverage as the Company announced on July 26, 2017, its financial results for Q2 2017 and also provided an update on the construction of the company's Rainy River project. Register for a free membership today, and be among the early birds that get access to our report on New Gold when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on ABX; also brushing on NGD. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=ABX

http://protraderdaily.com/optin/?symbol=NGD

Earnings Reviewed

During Q2 FY17, Barrick Gold reported revenues of $2.16 billion compared to $2.01 billion in Q2 FY16, and came in above market expectations of $2.15 billion.

The gold and copper mining Company's net earnings surged to $1.08 billion, or $0.93 per diluted share, in Q2 FY17 from $138 million, or $0.12 per diluted share, in the prior year's comparable quarter. The Company's adjusted net earnings for Q2 FY17 came in at $261 million, or $0.22 per share, compared to $158 million, or $0.14 per share, in Q2 FY16. Wall Street had expected the Company to report adjusted earnings of $0.21 per diluted share. Furthermore, the Company attributed this growth in adjusted net earnings primarily to a 10% decline in direct mining costs and higher sales from low-cost operations.

Production Numbers

The Company's Gold production volume was 1.43 million ounces in Q2 FY17 compared to 1.34 million ounces in the previous year's same quarter. The gold cost of sales reduced to $726 per ounce during Q2 FY17 from $836 per ounce in Q2 FY16. The all-in sustaining costs were $710 per ounce in Q2 FY17 versus $782 per ounce in the prior-year's comparable period. Furthermore, the Company sold 1.40 million ounces of gold in Q2 FY17 at an average realized price of $1,258 per ounce compared to 1.29 million ounces of gold at an average realized price of $1,259 per ounce in the last year's comparable quarter.

In Q2 FY17, Copper production volume was 104 million pounds, marginally above the 103 million pounds in the last year's comparable quarter. For the reported quarter, cost of sales attributed to copper production increased to $1.85 per pound from $1.43 per pound Q2 FY16. The all-in sustaining costs associated with copper production also increased to $2.38 per pound in Q2 FY17 from $2.14 per pound in Q2 FY16. Moreover, the Company sold $98 million pounds of copper in Q2 FY17 at an average realized price of $2.60 per pound, up from $93 million pounds at an average realized price of $2.14 per pound.

Cash Flow and Balance Sheet

In the three months ended June 30, 2017, net cash generated by operating activities stood at $448 million compared to $527 million in Q2 FY16. Additionally, free cash flow during the reported quarter was $43 million versus $274 million in Q2 FY16.

As on June 30, 2017, cash and equivalents balances stood at $2.93 billion with working capital (excluding cash) position of $1.49 billion compared to cash equivalents and working capital (excluding cash) balance of $2.39 billion and $1.16 billion, respectively as on December 31, 2016. Furthermore, the Company's non-current debt position as on June 30, 2017, was $7.33 billion, lower than $7.79 billion recorded on December 31, 2016.

Dividends and Share Repurchases

In a separate press release on July 26, 2017, Barrick Gold's Board of Directors declared a dividend for the quarter of $0.03 per share. The dividend will be payable on September 15, 2017, to shareholders of record at the close of business on August 31, 2017.

Earnings Outlook

For its outlook full year FY17, the Company expects gold production to be in the range of 5.30 million to 5.60 million ounces. The Company anticipates cost of sales applicable to gold to be between $780 and $820 per ounce during FY17. Additionally, the Company's gold all-in sustaining costs are projected to be between $720 and $770 per ounce for FY17. Furthermore, the Company anticipates full-year FY17 copper production in the range of 400 million to 450 million pounds, at a cost of sales in the range of $1.50 to $1.70 per pound, with all-in sustaining costs in to be between $2.10 and $2.40 per pound.

Stock Performance

On Friday, August 04, 2017, the stock closed the trading session at $16.61, declining 2.64% from its previous closing price of $17.06. A total volume of 10.88 million shares have exchanged hands. Barrick Gold's stock price advanced 6.07% in the last one month and 2.85% in the past three months. Furthermore, since the start of the year, shares of the Company have gained 3.94%. The stock is trading at a PE ratio of 8.19 and has a dividend yield of 0.72%. The stock currently has a market cap of $19.89 billion.

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SOURCE: Pro-Trader Daily