Newmont Mining (NYSE:NEM) announced first-quarter results after the closing bell today. The gold and copper miner reported revenue of $1.8 billion, which resulted in net income of $117 million or $0.23 per share. However, on an adjusted basis earnings per share were $0.22 per share, which did beat estimates by $0.02 per share.
These results were all lower than last year's first quarter as slumping gold and copper prices affected results. Newmont Mining realized $1,293 per ounce of gold and $2.50 per pound of copper on the quarter, both of which were well below the $1,631 per ounce of gold and $3.12 per pound of copper that the company realized in last year's first quarter. This resulted in Newmont Mining's revenue falling from the $2.2 billion it produced in last year's first quarter, while cash flow from continuing operations also slipped from $439 million to $183 million this quarter.
That said, copper and gold production rose year-over-year. The company's gold production was up 4% to 1.2 million ounces while copper production surged 20% to 24,000 tonnes. Gold production was strong in Africa, which was up 80% while production in Indonesia rose 14%. This offset weakness in both North and South America. Copper production, meanwhile, doubled in North America while also rising 11% in Indonesia.
Looking ahead Newmont Mining affirmed its 2014 gold production of 4.6 million to 4.9 million ounces. The company also expects copper production to be between 95,000 and 110,000 tonnes. In addition to this Newmont Mining believes it can continue to drive down costs in order to deliver strong cash flows despite weaker gold and copper prices.
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