TORONTO (miningweekly.com) – The world’s largest gold producer by output, Barrick Gold, experienced narrower net earnings for the quarter ended September 30, as lower gold and copper sales, as well as lower realised prices impacted on its performance.

The Toronto-based miner, with operations in North and South America, Africa and Australia, on Wednesday reported net earnings of $125-million, or $0.11 a share, for the third quarter, compared with $172-million, or $0.17 a share, in the same period last year.

Excluding special items, earnings were $222-million, or $0.19 a share, compared with $577-million, or $0.58 a share, in the comparable period a year earlier.

The company’s results beat average Wall Street analyst expectations of adjusted earnings a share of $0.17, on revenue of $2.5-billion.

Revenue for the period came in at $2.9-billion, marginally higher year-on-year.

Barrick reported third-quarter operating cash flow of $852-million, down from $1.2-billion. The decrease in operating cash flow mainly reflected lower sales volumes and lower gross margins, partially offset by a decrease in income tax payments.

Gold sales were 1.58-million ounces, down 11.5% from the comparable period. The average realised gold price during the quarter was $1 285/oz, down from $1 326/oz a year earlier.

The company reported gold output of 1.65-million ounces for the period, down 11% year-on-year, as high-cost asset sales, such as Yilgarn South, Plutonic and Kanowna, all located in Australia, and Marigold, in Nevada, impacted on output.

The company’s five cornerstone mines comprising Cortez and Goldstrike, both in Nevada, Pueblo Viejo, in the Dominican Republic, Lagunas Norte, in Peru, and Valadero, in Argentina, produced one-million ounces in the quarter, at an all-in sustaining cost (AISC) of $696/oz.

These mines were expected to contribute about 60% of output this year, at an average AISC of between $730/oz and $780/oz, maintaining Barrick's position in the first quartile of the industry cost curve.

Barrick's consolidated AISC was $834/oz in the quarter, compared with $914/oz in the same quarter last year. The miner lowered its expected full-year AISC for gold to between $880/oz and $920/oz, from its previous guidance of $900/oz to $940/oz.

Barrick also narrowed its full-year gold output guidance to between 6.1-million ounces and 6.4-million ounces, from its previous guidance of between 6-million ounces and 6.5-million ounces.

The TSX- and NYSE-listed company reported copper output of 131-million pounds in the third quarter and lifted its expected full-year output to between 440-million pounds and 460-million pounds, up from between 410-million pounds and 440-million pounds.

For the third quarter, C1 cash costs came in at $1.82/lb of copper, prompting the company to narrow the top end of its 2014 cash-cost guidance by $0.10/lb to $2/lb.

After closing down 5.1% on the NYSE on Wednesday, Barrick’s stock gained almost 1% in after-market trading at $12.83 apiece.