11:29 AM EST, 02/12/2025 (MT Newswires) -- (Adds comment and updates shares.)

Barrick Gold ( GOLD ) on Wednesday reported an increase in fourth-quarter adjusted earnings and announced a US$1 billion share buyback.

The company's fourth-quarter adjusted earnings, excluding most one-time items, came in at US$794 million, or US$0.46 per share, up from US$466 million, or US$0.27, in the year-prior quarter.

Attributable EBITDA rose to US$1.70 billion from US$1.07 billion.

The company produced 1.08 million ounces of gold, up from 1.05-million ounces of gold.

For 2025, attributable gold production is expected to be in the range of 3.15-million ounces and 3.5-million ounces, excluding production from the Loulo-Gounkoto complex in Mali while it is temporarily suspended.

Separately, Barrick said it will buy back up to US$1 billion of its outstanding shares over the next 12 months.

Barrick has terminated the share repurchase program announced on Feb. 14, 2024, under which it repurchased about US$498 million of its shares.

Barrick also declared a dividend of US$0.10 per share for the fourth quarter to be paid March 17 to shareholders of record at the close of business on Feb. 28.

"The strong performance of our business has allowed us to provide significant returns to shareholders in 2024 through the combination of dividends and share buybacks, especially in the fourth quarter, at a compelling valuation," said Barrick chief financial officer Graham Shuttleworth.

National Bank of Canada maintained its sector-perform rating and $27.00 price target after the update.

"Overall, we would expect Barrick to trade in-line to slightly above peers today given the headline adjusted EPS beat, miss on CFPS, softer FCF than expected, 2024 production guidance met, largely in-line 2025 guidance with NBFe, and lower than expected capex spend at both Lumwana and Reko Diq," the bank said.

Barrick shares were last seen up $1.54 to $25.96 on the Toronto Stock Exchange.

Price: 25.94, Change: +1.52, Percent Change: +6.22