Bloomberg News

Barrick Profit Beats Analysts’ Estimates After Gold Price Rises

October 27, 2011

Oct. 27 (Bloomberg) -- Barrick Gold Corp., the world’s largest producer of the metal, reported third-quarter profit that topped analysts’ estimates after gold prices rose to a record.

Net income rose 45 percent to $1.37 billion, or $1.36 a share, from $942 million, or 94 cents, a year earlier, Toronto- based Barrick said today in a statement. The company said adjusted earnings were $1.39 a share. That’s more than the $1.34 average of 19 estimates compiled by Bloomberg. Sales climbed 44 percent to $4.01 billion from $2.79 billion.

The company said full-year production will be 7.6 million to 7.8 million ounces. In July, it forecast of 7.6 million to 8 million ounces. Third-quarter output fell to 1.93 million ounces from 2.06 million ounces a year ago, Barrick said. So-called total cash production costs increased to $453 an ounce from $403 an ounce.

Gold has risen for 10 straight years. The metal for immediate delivery in London reached an all-time high of $1,921.15 on Sept. 6.

Barrick said yesterday it raised its quarterly divided to 15 cents a share from 12 cents.

--Editors: Simon Casey, Steven Frank

To contact the reporter on this story: Liezel Hill in Toronto at lhill30@bloomberg.net.

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net.


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