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Barrick Gold 4Q earnings top estimates; dividend hiked – Kitco NEWS

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(Kitco News) – Barrick Gold Corp. (NYSE: GOLD; TSX: ABX) reported a higher fourth-quarter adjusted profit that beat analysts’ estimates Wednesday and also announced a dividend hike and an increase in gold reserves.

The company reported adjusted fourth-quarter earnings – excluding special items – of $300 million, or 17 cents per share, up from $264 million, or 15 cents, in the third quarter. The result beat the consensus estimates of analysts, which news and analyst reports put at 14 to 15 cents per share.

Barrick, which acquired Randgold Resources at the beginning of 2019 and later formed a joint venture with Newmont Corp. for the two companies’ Nevada mines, compared its results to the third quarter in its earnings release rather than the year-ago period.

The company said its board of directors declared a fourth-quarter dividend of seven cents per share, up from the previous quarter’s dividend of five cents. It will be payable on March 16 to shareholders of record as of the close of business on Feb. 28.

This was the third dividend increase in roughly a year, said Graham Shuttleworth, chief financial officer. The dividend had been three cents at the time of the Barrick-Randgold Resources merger.

“The board believes the dividend increase is justified by the significant reduction in net debt and strong balance sheet, together with the growth in free cash flow supported by a robust five-year plan which we have shared with the market,” Shuttleworth said.

Fourth-quarter gold production was listed at 1.439 million ounces, with all-in sustaining costs of $923 an ounce. Output was up from 1.306 million ounces in the third quarter, when AISC were $984. Barrick reported an average realized gold price of $1,483 an ounce in the fourth quarter, up from $1,476. The company also produced 117 million pounds of copper. 

Barrick said its debt, net of cash, was halved in 2019 to $2.2 billion.

For full-year 2019, Barrick said adjusted earnings came in at $902 million, or 51 cents a share, up from $409 million, or 35 cents, in 2018. Full-year gold production of 5,465,000 ounces was at the top end of its guidance range and exceeded 4,527,000 in 2018, while copper production of 432 million pounds was above guidance.

“We started the year with five tier-one gold mines and ended it with six, thanks to the Nevada deal,” said chief executive Mark Bristow. “We’ve also succeeded in replenishing our reserves and resources, net of depletion, at a higher grade.”

Barrick said its gold mineral reserves increased by 14.5%, with a 7.7% higher grade, after depletion, following a year in which the company acquired Randgold, formed the joint venture with Newmont and disposed of its share of Kalgoorlie Consolidated Gold Mines in Australia. Reserves now stand at 1,300 million metric tons at 1.68 grams per ton for 71 million ounces of gold. Measured and indicated resources at $1,500-an-ounce gold rose to 170 million ounces, while another 39 million are classified as inferred.

The company listed copper reserves of 13 billion pounds and silver reserves of 150 million ounces.

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Roots sees room for expansion in activewear, reports $5.2M Q2 loss and sales drop

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TORONTO – Roots Corp. may have built its brand on all things comfy and cosy, but its CEO says activewear is now “really becoming a core part” of the brand.

The category, which at Roots spans leggings, tracksuits, sports bras and bike shorts, has seen such sustained double-digit growth that Meghan Roach plans to make it a key part of the business’ future.

“It’s an area … you will see us continue to expand upon,” she told analysts on a Friday call.

The Toronto-based retailer’s push into activewear has taken shape over many years and included several turns as the official designer and supplier of Team Canada’s Olympic uniform.

But consumers have had plenty of choice when it comes to workout gear and other apparel suited to their sporting needs. On top of the slew of athletic brands like Nike and Adidas, shoppers have also gravitated toward Lululemon Athletica Inc., Alo and Vuori, ramping up competition in the activewear category.

Roach feels Roots’ toehold in the category stems from the fit, feel and following its merchandise has cultivated.

“Our product really resonates with (shoppers) because you can wear it through multiple different use cases and occasions,” she said.

“We’ve been seeing customers come back again and again for some of these core products in our activewear collection.”

Her remarks came the same day as Roots revealed it lost $5.2 million in its latest quarter compared with a loss of $5.3 million in the same quarter last year.

The company said the second-quarter loss amounted to 13 cents per diluted share for the quarter ended Aug. 3, the same as a year earlier.

In presenting the results, Roach reminded analysts that the first half of the year is usually “seasonally small,” representing just 30 per cent of the company’s annual sales.

Sales for the second quarter totalled $47.7 million, down from $49.4 million in the same quarter last year.

The move lower came as direct-to-consumer sales amounted to $36.4 million, down from $37.1 million a year earlier, as comparable sales edged down 0.2 per cent.

The numbers reflect the fact that Roots continued to grapple with inventory challenges in the company’s Cooper fleece line that first cropped up in its previous quarter.

Roots recently began to use artificial intelligence to assist with daily inventory replenishments and said more tools helping with allocation will go live in the next quarter.

Beyond that time period, the company intends to keep exploring AI and renovate more of its stores.

It will also re-evaluate its design ranks.

Roots announced Friday that chief product officer Karuna Scheinfeld has stepped down.

Rather than fill the role, the company plans to hire senior level design talent with international experience in the outdoor and activewear sectors who will take on tasks previously done by the chief product officer.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:ROOT)

The Canadian Press. All rights reserved.

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Talks on today over HandyDART strike affecting vulnerable people in Metro Vancouver

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VANCOUVER – Mediated talks between the union representing HandyDART workers in Metro Vancouver and its employer, Transdev, are set to resume today as a strike that has stopped most services drags into a second week.

No timeline has been set for the length of the negotiations, but Joe McCann, president of the Amalgamated Transit Union Local 1724, says they are willing to stay there as long as it takes, even if talks drag on all night.

About 600 employees of the door-to-door transit service for people unable to navigate the conventional transit system have been on strike since last Tuesday, pausing service for all but essential medical trips.

Hundreds of drivers rallied outside TransLink’s head office earlier this week, calling for the transportation provider to intervene in the dispute with Transdev, which was contracted to oversee HandyDART service.

Transdev said earlier this week that it will provide a reply to the union’s latest proposal on Thursday.

A statement from the company said it “strongly believes” that their employees deserve fair wages, and that a fair contract “must balance the needs of their employees, clients and taxpayers.”

This report by The Canadian Press was first published Sept. 12, 2024.

The Canadian Press. All rights reserved.

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Transat AT reports $39.9M Q3 loss compared with $57.3M profit a year earlier

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MONTREAL – Travel company Transat AT Inc. reported a loss in its latest quarter compared with a profit a year earlier as its revenue edged lower.

The parent company of Air Transat says it lost $39.9 million or $1.03 per diluted share in its quarter ended July 31.

The result compared with a profit of $57.3 million or $1.49 per diluted share a year earlier.

Revenue in what was the company’s third quarter totalled $736.2 million, down from $746.3 million in the same quarter last year.

On an adjusted basis, Transat says it lost $1.10 per share in its latest quarter compared with an adjusted profit of $1.10 per share a year earlier.

Transat chief executive Annick Guérard says demand for leisure travel remains healthy, as evidenced by higher traffic, but consumers are increasingly price conscious given the current economic uncertainty.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:TRZ)

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