Barrick's (TSE:ABX) Soars Past Estimates

Barrick Gold (TSE:ABX) (NYSE:ABX) had a great quarter as they exceeded analysts' estimates by a solid amount, with revenue and profits climbing on the increase in price and sales of precious metals.

Earnings rose to 75 cents a share, beating the 63 cents a share analysts had looked for, on revenue of $2.56 billion, a hefty increase of 44 percent from the year before in the same quarter. Earnings last year came in at 42 cents a share.

Net income was over twice what it was a year ago, coming in at $758 million 76 cents a share in contrast to $371 million, or 42 cents a share last year.

The average price of gold during that time was $1,114 an ounce, while gold sales for the company increased to 2.07 million ounce, a 21 percent rise.

Demand for gold is the driver of good results, as it's becoming the preferred safety haven for investors and hedge against inflation.

Although gold it the predominate force at Barrick's, copper helped the results for the quarter as prices there continue to surge. Copper accounts for approximately 14 percent of overall sales in 2009 for the company.

Guidance from Barricks is for 7.6 to 8 million ounces of gold production for 2010 at a cost of $425 to $455 an ounce.