On Wednesday, Barrick Gold reported earnings of 11 cents a share for the third quarter, above analysts' estimates of 7 cents a share for the quarter. Revenue fell 10.8% year over year to $2.32 billion for the quarter, compared to analysts' estimates of $2.3 billion for the quarter.
The gold mining company also announced that it is on track to achieve its $3 billion debt reduction target by the end of 2015. The company will use proceeds from the sale of its stake in the Zaldiar copper mine in Chile to help pay down its debt.
Barrick Gold produced a total of 1.66 million ounces of gold in the third quarter with all-in sustaining costs of $771 an ounce. The company said it now expects to produce 6.1 million to 6.3 million ounces of gold in 2015, compared to its previous guidance of 6.1 million to 6.4 million.
TheStreet Ratings team rates BARRICK GOLD CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
We rate BARRICK GOLD CORP (ABX) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: ABX
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