Barrick Gold Corp. says its adjusted net earnings grew 15 per cent in the fourth quarter on higher gold prices and copper sales, but the results still missed analyst expectations.
The Toronto-based company, which reports in U.S. dollars, posted adjusted profits of $1.17 billion (U.S.), filtering out various after-tax charges.
On a per-share basis, the results were equal to $1.17 per share, well short of analyst predictions of $1.27 per share, according to a poll by Thomson Reuters. A year earlier, the company posted adjusted earnings of $1.02 billion, or $1.02 per share.
Net income slipped to $959 million, or 96 cents per share, from $961 million a year ago, also equal to 96 cents per share.
Barrick said the results were impacted by after-tax writedowns of $153 million tied to redundant power assets and its investment portfolio.
Revenues increased to $3.79 billion from $3.01