Barrick Gold Q3 preview: Profit likely to see double-digit growth aided by higher prices
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Barrick Gold (NYSE:GOLD) is scheduled to announce Q3 results on Thursday before the market opens, with analysts expecting double-digit top-line and bottom-line growth, aided by higher realized prices.
Analysts expect an EPS of $0.32 (+33.3% Y/Y) on revenue of $3.34B (+16.8% Y/Y).
Barrick's (GOLD) Q3 total preliminary gold output fell less than 1% from the previous quarter to 943K oz, while copper production increased 11% Q/Q to 48K metric tons of copper.
Gold miners including Barrick lost ground following Newmont's (NEM) disappointing earnings report, which sent the larger rival's shares to its largest daily percentage decline since 2008.
UBS meanwhile downgraded Newmont (NEM) and Barrick (GOLD) to 'neutral' from 'buy' with respective $54 and $22 price targets.
Barrick stock is trading up 4.4%, compared to the broader S&P 500 market, which is up 21.2% YTD. Looking at Seeking Alpha's Quant Ratings, the company has a Strong Buy rating with a score of 4.57 out of 5.
Over the last 2 years, GOLD has beaten EPS estimates 100% of the time and has beaten revenue estimates 63% of the time. EPS estimates have seen 1 upward revision and 5 downward in the last 3 months.
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