Yahoo Finance B2Gold (BTG) Q1 Earnings Beat Estimates, Revenues Dip Y/Y
B2Gold Corp BTG reported adjusted earnings per share (EPS) of 6 cents for first-quarter 2024, beating the Zacks Consensus Estimate of 5 cents. The bottom line fell 10% year over year.
Including one-time items, the company reported EPS of 3 cents, down 63% year over year.
B2Gold generated revenues of $461 million in first-quarter 2023 compared with the prior-year quarter’s $474 million.
In the March-end quarter, B2Gold recorded a consolidated gold production of 214,339 ounces, down 14.5% year over year. The total consolidated gold production for first-quarter 2024 was 225,716 ounces (including 11,377 ounces of attributable production from Calibre Mining Corp), down 15.4% from the prior-year quarter.
B2Gold Corp Price, Consensus and EPS Surprise
B2Gold Corp price-consensus-eps-surprise-chart | B2Gold Corp Quote
The company reported consolidated cash operating costs of $718 per ounce in the quarter under review, up 25% year over year. The consolidated all-in sustaining costs of $1,346 per ounce were 228.3% higher than the prior-year quarter.
During the January-March quarter, the total cost of sales was $277 million, up 6.7% year over year. The gross profit fell 13.8% year over year to $184 million. The gross margin rose to 39.9% in the reported quarter from the prior-year quarter’s 45.1%. The operating income in the reported quarter was $155 million compared with the prior-year quarter’s $176 million.
Financial Position
B2Gold’s cash and cash equivalents were $568 million at the end of the first quarter of 2024 compared with $307 million at the end of the fiscal 2023 2023. It generated $711 million in cash from operating activities in the March-end quarter compared with $204 million in the year-ago quarter.
The company’s long-term debt was around $29 million at the end of the first quarter, marking a significant decline compared with $176 million at the end of 2023.
2024 Guidance
B2Gold is on track to meet its previously announced outlook for 2024. The company expects a total gold production of 860,000-940,000 ounces for 2024, including 40,000-50,000 ounces of attributable production from Calibre. It anticipates total consolidated cash operating costs to be higher in 2024, and between $835 and $895 per gold ounce.
The company expects a total consolidated all-in sustaining costs of $1,360-$1,420 per gold ounce.
Price Performance
In the past year, B2Gold’s shares have lost 36.7% compared with the industry’s fall of 2.5%.
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Zacks Rank
B2Gold currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Peer Stocks
Barrick Gold Corporation GOLD recorded net earnings (on a reported basis) of $295 million or 17 cents per share in first-quarter 2024. The figure improved from $120 million or 7 cents per share in the year-ago quarter.
Barrick recorded total sales of $2,747 million, up 4% year over year. The figure missed the Zacks Consensus Estimate of $2,932 million.
Agnico Eagle Mines Limited AEM reported adjusted earnings of 76 cents per share in first-quarter 2024, up from 57 cents in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of 60 cents.
AEM generated revenues of $1,829.8 million, up nearly 21% year over year. The top line surpassed the Zacks Consensus Estimate of $1,622 million.
Galiano Gold Inc. GAU reported an adjusted loss of 2 cents per share in first-quarter 2024, in line with the Zacks Consensus Estimate. It reported adjusted earnings of 4 cents in the year-ago quarter.
Galiano Gold generated revenues of $32 million in the quarter.
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