Barrick Shares Advance Premarket After Earnings Beat, Buyback Plans

By Robb M. Stewart

Barrick Gold Corp.'s shares look headed for a positive open after the mining company launched a fresh share buyback program following a jump in profit for the final three months of last year.

In premarket trading in New York, the stock was ahead 1.4% after finishing the previous session at $14.15, down 22% in the new year. The shares have fallen 20% on the Toronto Stock Exchange, closing Tuesday at 19.18 Canadian dollars.

The Canadian company, one of the world's biggest producers of gold, reported fourth-quarter adjusted earnings of 27 cents a share, beating the 20 cents forecast by analysts polled by FactSet.

Fourth-quarter revenue for the quarter was 6.9% higher at $3.06 billion, just below market expectations for $3.08 billion.

Barrick said its board authorized a program to repurchase up to $1 billion of the company's shares over the next 12 months. It comes after the miner didn't buy any stock under the now-canceled buyback program announced a year ago.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

February 14, 2024 09:15 ET (14:15 GMT)

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