11:50 AM EDT, 08/12/2024 (MT Newswires) -- Barrick Gold ( GOLD ) on Monday reported an increase in adjusted net earnings in the second quarter despite lower gold and copper production.

Second-quarter adjusted earnings, excluding most one-time items, came in at US$557 million, or US$0.32 per share, up from US$336 million, or US$0.19. The result beat the S&P Capital IQ consensus normalized EPS estimate of US$0.27 per share.

Attributable EBITDA increased to US$1.29 million from US$988 million.

The company produced 948,000 ounces of gold and 43,000 tonnes of copper, both down from 1 million ounces of gold and 48,000 tonnes of copper a year earlier. The company expects to meet gold production guidance for 2024.

Barrick will pay a dividend of $0.10 per share for the second quarter on Sept. 16 to shareholders of record at the close of business on Aug. 30.

The company repurchased 2.95 million shares during the second quarter under a $1 billion share buyback program announced in February.

National Bank of Canada maintained its sector-perform rating and $28.00 price target on Barrick following the results.

Barrick's comparable adjusted EPS of US$0.31 slightly beat the bank's forecast of US$0.30, driven by lower than expected mining and processing costs, royalties and general and administrative expenses.

National Bank expects Barrick to modestly outperform peers in today's trading.

Barrick' shares were last seen up $1.88 to $25.79 on the Toronto Stock Exchange.

Price: 25.77, Change: +1.86, Percent Change: +7.78