Barrick Gold Corp. shares GOLD,
+1.26%
ABX,
+1.06%
jumped 2.9% in pre-market trading, to rebound from the previous 10-month session’s closing low, after the gold miner reported better than expected fourth-quarter earnings and earnings. Net income was $ 685 million, or 39 cents per share, from $ 882 million, or 50 cents per share, in the third quarter. Adjusted earnings per share, excluding non-recurring items, was 35 cents, above the FactSet consensus of 31 cents. Revenue fell to $ 3.28 billion from $ 3.54 in the previous quarter, but topped the FactSet consensus by $ 3.25 billion. A year ago, the company reported net income of $ 1.39 billion, or 78 cents per share, on revenue of $ 2.88 billion. The realized gold price per ounce was $ 1,871, compared to $ 1,926 in the third quarter and $ 1,483 a year ago. Free cash flow was $ 1.09 billion, down from $ 1.31 billion in the third quarter but up from $ 429 million a year ago; the FactSet consensus was $ 720.8 million. The company said that although the cost per ounce was affected by the COVID-19 pandemic, total cash costs were contained despite higher royalty expenses due to the higher gold price environment. Barrick Gold stock has fallen 14.8% in the past three months through Wednesday, while GC00 gold futures,
+ 0.47%
fell 4.8% and the S&P 500 SPX,
+ 0.74%
gained 10.2%.