B2Gold (BTG) Earnings Miss Estimates in Q4, Sales Rise Y/Y
B2Gold Corp. BTG reported adjusted earnings per share (EPS) of 11 cents for fourth-quarter 2022, missing the Zacks Consensus Estimate of 14 cents. The bottom line was flat year over year.
Including one-time items, the company reported earnings of 15 cents per share compared with the prior-year quarter’s 13 cents.
B2Gold generated revenues of $592 million in fourth-quarter 2022, reflecting year-over-year growth of 12%. The top-line figure was in line with the Zacks Consensus Estimate.
In the December-end quarter, B2Gold recorded consolidated gold production of 3,52,769 ounces, up 22.1% year over year. The upbeat performance can be attributed to the record quarterly production at Fekola and the strong operational performance at Masbate Mine. Total consolidated gold production for fourth-quarter 2022 was 3,67,870 ounces (including 15,101 ounces of attributable production from Calibre Mining Corp), up 20.7% from the prior-year quarter.
The company reported consolidated cash operating costs of $440 per ounce in the reported quarter, down 4.3% year over year. The consolidated all-in sustaining costs (AISC) of $876 per ounce were 3.8% more than the prior-year quarter.
B2Gold Corp Price, Consensus and EPS Surprise
B2Gold Corp price-consensus-eps-surprise-chart | B2Gold Corp Quote
For the October-December quarter, the total cost of sales was $332 million, up 19.4% year over year. The gross profit improved 4.8% year over year to $260 million. The gross margin contracted to 43.9% in the reported quarter from the prior-year quarter’s 47.1%.
The operating income in the reported quarter was $232 million compared with the prior-year quarter’s $237 million. The operating margin was 39.2% compared with the year-ago quarter’s 45.1%.
B2Gold’s cash and cash equivalents were $652 million at the end of 2022 compared with $673 million witnessed at the end of 2021. The company generated $596 million in cash from operating activities in 2022 compared with $724 million in 2021. The company’s long-term debt was $41.7 million at the end of 2022, down from $49.7 million at the end of 2021.
B2Gold reported an adjusted EPS of 25 cents in 2022 compared with 37 cents reported in the prior year. Earnings missed the Zacks Consensus Estimate of 27 cents. Including one-time items, the bottom line was 24 cents per share, down from 40 cents in 2021.
Sales were down 1.7% year over year to $1.73 billion. The top line was in line with the Zacks Consensus Estimate.
B2Gold expects 2023 total gold production guidance between 10,00,000 and 10,80,000 ounces which includes 60,000-70,000 attributable ounces from Calibre. Total consolidated cash operating costs are projected between $670 and $730 per ounce. Total consolidated AISC is anticipated between $1,195 and $1,255 per ounce.
In the past year, shares of B2Gold have lost 19.4% compared with the industry’s fall of 14.4%.
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Zacks Rank & Stocks to Consider
B2Gold currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are CalMaine Foods, Inc. CALM, Reliance Steel & Aluminum Co. RS and Teck Resources Limited TECK. CALM and RS currently flaunt a Zacks Rank #1 (Strong Buy), and TECK carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CalMaine Foods’ fiscal 2023 earnings per share is pegged at $16.75, suggesting 515.8% growth from the year-ago reported figure. Earnings estimates have moved 106.8% north in the past 60 days. CALM has a trailing four-quarter earnings surprise of 15.3%, on average. Its shares have gained 43.6% in the past year.
The Zacks Consensus Estimate for Reliance Steel’s earnings per share is pegged at $18.26 for 2023. Earnings estimates have been revised 7.4% upward in the past 60 days. RS has a trailing four-quarter average surprise of 13.4%, on average. The company has gained 41.7% in a year.
The Zacks Consensus Estimate for Teck Resources Limited’s 2023 earnings per share is pegged at $4.26. Earnings estimates have moved 7.8% north in the past 60 days. TECK has a trailing four-quarter earnings surprise of 4.7%, on average. Its shares have gained 10.2% in the past year.
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