Barrick Gold Results Top Estimates

(RTTNews) - Canadian gold producer Barrick Gold Corp (ABX, ABX.TO) on Wednesday reported fourth-quarter net loss of $2.85 billion or $2.45 per share compared with a loss of $2.83 billion or $2.61 per share in the prior year.

Results for the recent quarter included $2.8 billion in after-tax impairment charges, primarily related to the Lumwana mine and the Cerro Casale project.

Excluding items, adjusted earnings for the quarter were $0.15 per share compared with $0.37 per share a year ago. Analysts polled by Thomson Reuters estimated earnings of $0.13 per share. Analysts' estimates typically exclude special items.

The company's revenues for the quarter were lower at $2.51 billion compared with $2.94 billion in the prior year. Analysts estimated revenues of $2.48 billion.

Barrick said its gold sales for the quarter was lower at 1.57 million ounces compared with 1.83 million ounces last year. Average realized gold price was 1,204 an ounce as against 1,272 an ounce last year.

The company expects to produce 6.2 to 6.6 million ounces of gold in 2015 at all-in sustaining costs of $860 to $895 per ounce.

Also Barrick said it is reducing the size of its head office by close to half, from 260 positions in 2014 to 140 positions in 2015.