Barrick Gold swings to 1Q profit on high gold prices

Net income for the three months ended March 31 was $514 million, or 58 cents per share, compared with a loss of $159 million, or 18 cents per share, in the year-earlier quarter.

Excluding one-time charges, the Toronto-based company earned 62 cents per share.

Analysts polled by Thomson Financial expected, on average, earnings per share of 60 cents. Such estimates typically exclude one-time charges.

Revenue rose 44 percent to nearly $2 billion, less than the $2.24 billion analysts expected.

Gold's price climbed though most of the quarter, until March 17 when it hit an all-time high of $1,033.90 following the Federal Reserve-supported bailout of Bear Stearns by JPMorgan Chase & Co.

Barrick's gold production in the quarter slipped to 1.74 million ounces from 2 million ounces in the year-earlier period as some of its larger operations experienced lower grades and throughput.

Shares fell in premarket trading 28 cents to $38.63.