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Newmont Mining Beats Big on Bottom Line

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Gold miner Newmont Mining (NYSE: NEM  ) reported third-quarter results today after the markets closed, showing that it posted revenues of $1.98 million, a dizzying 20% drop from the same period in the previous year, and just shy of the $2 billion Capital IQ consensus estimate.

While adjusted net income came in at $227 million, or $0.46 per share, nearly cut in half from $426 million, or $0.86 per share, in the same period in 2012, it was $0.11-per-share better than the CapIQ estimates of $0.35 per share. It also said all-in sustaining costs of $993 per ounce could be expected, though they would be down 16% from the year-ago period.

Newmont says that, while production was better in Nevada as well as Down Under, gold and copper were hurt by declines running as high as 20% and 13%, respectively. The miner now expects to be at the low end of its previously announced guidance for gold of $750 and $825 per ounce, including stockpile writedowns.

The gold miner previously said it was maintaining attributable gold production outlook of 4.8 to 5.1 million ounces, but its attributable copper production has been revised to 135 to 145 million pounds.  

Newmont's board of directors also approved a fourth-quarter dividend of $0.20 per share based upon the average London P.M. Fix of $1,326 per ounce for the third quarter, as laid out in the gold miner's  gold price-linked dividend policy of $0.20 per share .


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Rich Duprey
TMFCop

Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time.

Having made the streets safe for Truth, Justice and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. So follow me on Facebook and Twitter for the most important industry news in retail and consumer products and other great stories.

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Related Tickers

8/27/2015 4:01 PM
NEM $16.70 Up +0.89 +5.63%
Newmont Mining Cor… CAPS Rating: ***

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