Barrick Gold Q4 Profit More Than Doubles Sequentially; Boosts Dividend 11% - Quick Facts

Miner Barrick Gold Corp. (GOLD,ABX.TO) reported on Wednesday that fourth-quarter net earnings more than doubled to $726 million or $0.41 per share from $347 million or $020 per share in the third quarter.

Excluding items, adjusted net earnings for the quarter were $0.35 per share, compared to $0.24 per share in the previous quarter.

On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $0.31 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter grew 17 percent sequentially to $3.31 billion from $2.83 billion in the prior quarter. Analysts expected revenues of $3.18 billion for the quarter.

Gold production for the quarter increased 10 percent to 1.20 million ounces and copper production grew 26 percent to 126 million pounds from the third quarter.

Looking ahead to fiscal 2022, the company projects gold production in a range of 4.2 million to 4.6 million ounces and copper production in a range of 420 million to 470 million pounds.

Separately, Barrick's Board of Directors declared a 11 percent higher dividend of $0.10 per share for the fourth quarter of 2021, payable on March 15, 2022 to shareholders of record at the close of business on February 28, 2022.

Barrick has also now established a performance dividend policy that will enhance the return to shareholders when the Company's liquidity is strong. The amount of the performance dividend on a quarterly basis will be based on the amount of net cash on Barrick's Consolidated Balance Sheet

Further, Barrick's Board of Directors has authorized a share repurchase program for the repurchase of up to $1.0 billion of the Company's outstanding common shares over the next 12 months at prevailing market prices in accordance with applicable law.

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