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Glass Lewis, a firm that advises big investors on how to vote, is backing a push for change on the company's board. It recommended that shareholders vote for two nominees put forward by PVG Asset Management and against two current board members, including the chair. The advisor pointed to what it called weak oversight and stewardship as the reason for the move.
This is part of a proxy fight, which happens when an outside group tries to win seats on a company's board to change how it is run. If the outside nominees win, it could lead to more pressure on management to change its strategy or how it spends cash. For now, it signals that some large owners are unhappy with the current leadership.
Source: GlobeNewsWire
Jill Van, who currently serves as the company's controller, will take over as Chief Financial Officer. She succeeds Cary Dickson, who is retiring in a move the company described as planned. The board also appointed KPMG as the new independent auditor to oversee its financial reporting.
An orderly handover from an internal leader suggests the company is sticking to its current financial path. While a CFO change is always worth watching, a planned transition like this rarely signals a shift in strategy or underlying business health.
Source: GlobeNewsWire
Gold.com finished its fiscal year with $82.3 million in profit, or $3.02 per share. The company also reported $179.8 million in EBITDA, which is a measure of cash profit that strips out things like interest and taxes to show how the core business is running.
Management is returning some of that cash to owners through a special dividend of $1.00 per share. This is a one-time payment on top of any regular dividends. While the stock fell shortly after these results were released last week, the ability to pay out extra cash suggests the business is generating more than it needs to fund its operations.
Source: GlobeNewsWire
The company reported earnings of $0.41 per share, which was well below the $0.96 analysts were looking for. Revenue of $5.01 billion also came in lower than the expected $5.67 billion. While the results were a miss against expectations, management pointed to the year as a whole being a period of growth through acquisitions and a rebranding effort.
Despite the lower-than-expected quarterly numbers, the company is paying out a special dividend of $1.00 per share. This is a one-time cash payment to shareholders on top of any regular dividends. It suggests that while the recent quarter was soft, the company still has enough cash on hand to reward owners.
See the full quarter, and how our tracked metrics did
Source: 8-K filing
Federal Reserve official Beth Hammack stated that it is time to act on raising interest rates. When interest rates go up, gold prices often fall because gold pays no interest, making it less attractive than bonds or savings accounts that do.
For a mining company like this one, lower gold prices directly eat into the profit earned on every ounce pulled from the ground. While the company has some of the lowest costs in the industry, its stock price is still closely tied to the daily swings in the price of the metal itself.
Source: CNBC
Management has missed analyst profit targets in six of the last eight quarters. This suggests the business is difficult to forecast or that leadership is struggling to keep pace with expectations.
| Expectation | |
|---|---|
| EPS | $0.88 |
| Revenue | $4.81B |
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