Barrick Gold Q1 Profit Plunges, Cuts Full Year Copper Output View - Quick Facts

(RTTNews) - Barrick Gold Corp. (ABX, ABX.TO) said first-quarter net income attributable to equity holders of the company plunged to $88 million or $0.08 per share from $847 million or $0.85 per share in the prior year quarter.

Adjusted net earnings totaled $238 million or $0.20 per share, while it was $923 million or $0.92 per share in the prior year.

On average, 19 analysts polled by Thomson Reuters expected earnings of $0.19 per share. Analysts estimates typically exclude special items.

The company attributed the decrease to the impact of lower metal prices and lower gold sales volumes.

Revenue declined to $2.632 billion from $3.399 billion. Analysts expected revenues of $2.60 billion.

Gold production declined to 1.588 million ounces from 1.797 million ounces. Copper output was 104 million pounds, compared to 127 million pounds last year.

Looking ahead to 2014, the company expects copper output in the range of 410-440 million pounds, compared to the original guidance of 470-500 million pounds, reflecting the processing disruption at Lumwana.

Jamie Sokalsky, Barrick's President and CEO, said, "Barrick is a considerably different company today than it was a year ago - leaner, stronger and more financially flexible. Our first quarter all-in sustaining costs of $833 per ounce, $100 per ounce below the prior year quarter, demonstrate that our efforts to reduce costs are delivering tangible results."