On Tuesday, Shares of Barrick Gold Corporation (NYSE:ABX), gained 0.92% to $7.68.
Barrick Gold Corporation stated a net loss of $9 million ($0.01 per share) for the second quarter, with adjusted net earnings of $60 million ($0.05 per share). Free cash flow was $26 million, contrast to negative free cash flow of $128 million in the preceding year period. Operating cash flow in the second quarter was $525 million. Second quarter adjusted EBITDA was $725 million. On an unadjusted basis, EBITDA was $690 million.
Gold production guidance for 2015 has been adjusted to 6.1-6.4 million ounces to reflect the impact of divestments, with production 55 percent weighted to the second half of the year. Costs are predictable to be 10 percent lower in the second half of 2015. Full-year all-in sustaining cost guidance is $840-$880 per ounce, down from $860-$895 per ounce.
Barrick Gold Corporation produces and sells gold and copper. The company is also involved in exploration and mine development activities. It conducts mining, development and exploration, and other activities in various countries, counting the United States, Canada, Australia, Argentina, Chile, Peru, the Dominican Republic, Papua New Guinea, Tanzania, Zambia, and Saudi Arabia.
Shares of McDermott International Inc. (NYSE:MDR), declined -7.11% to $4.31, during its last trading session.
McDermott International, declared financial and operational results for the quarter ended June 30, 2015. The Company stated second quarter 2015 net income of $11.5 million, or $0.04 per fully diluted share contrast to a net loss of $7.4 million, or $0.03 per diluted share, in the preceding-year quarter. Net of restructuring charges and one-time losses on the impairment and disposal of assets, the second quarter income would have been raised by $24.1 million or $0.08 per fully diluted share.
Second Quarter 2015 Operating Results
The Company stated second quarter 2015 revenues of $1.05 billion, an enhance of $570.5 million, contrast to revenues of $476.1 million for the preceding-year second quarter. Revenues for the second quarter of 2015 were positively influenced by strong revenue recognition at the INPEX Ichthys project, Brunei Shell Petroleum project and three Middle East projects.
McDermott’s operating income was $41.6 million for the second quarter of 2015 and comprised of $15.4 million of restructuring expenses and $8.7 million of one-time losses on the impairment and disposal of assets. These results compare to the 2014 second quarter operating income of $31.5 million, which comprised of $1.3 million of restructuring expenses and $45.7 million of gains from the disposal of assets and impairments. Net of the asset gains and impairments, the operating income for the second quarter of 2014 would have been negative. Operating income for the second quarter 2015 was positively influenced by revenue improvements, a project close out in Brazil and marine utilization.
Cash used in operating activities in the second quarter 2015 was $7.6 million, contrast to a use of cash of $70.6 million for the second quarter 2014.
McDermott International, Inc. operates as an engineering, procurement, construction, and installation company worldwide. The company operates through three segments: Asia Pacific, Americas, and the Middle East. It focuses on designing and executing offshore oil and gas projects.
Finally, Broadcom Corp. (NASDAQ:BRCM), ended its last trade with -1.40% loss, and closed at $50.75.
Avago Technologies Limited (AVGO) and Broadcom Corporation (BRCM) declared the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”), as amended, has expired with regard to their formerly declared transaction.
The expiration of the HSR Act waiting period satisfies one of the conditions to the closing of the projected transaction, which remains subject to approval by Avago and Broadcom shareholders, antitrust clearance in certain foreign jurisdictions and other customary closing conditions. Closing of the transaction is still predictable by the end of the first calendar quarter of 2016.
Broadcom Corporation provides semiconductor solutions for wired and wireless communications. Its products offer voice, video, data, and multimedia connectivity in the home, office, and mobile environments. The company operates in two segments: Broadband and Connectivity, and Infrastructure and Networking.
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