Connect with us

Hi, what are you looking for?


Newmont’s revenue missed estimates as gold prices surged

Image for Hochschild forecast

Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share of 40 cents was slightly better than estimates.

Newmont’s revenue came in at $2.6 billion, which missed the median estimates by about $21 million. The company mined 1.27 million ounces of gold during the quarter. It produced 288k gold equivalents of copper, silver, lead and zinc. It hopes that it will produce between 5.7 million and 6.3 million ounces of gold this year.

Newmont’s net income came in at $363 million in the first quarter. It ended the quarter with $2.7 billion in cash and $797 million in short-term deposits. Its total liquidity stands at over $6.5 billion. In a statement, the firm’s CEO said:

“During the first quarter, we delivered on our expected results, generated nearly $1.0 billion in adjusted EBITDA, and returned $318 million to shareholders through our industry-leading dividend framework.”

Newmont is benefiting from the rising gold prices. As we wrote here, the price of gold has jumped by over 23% from the lowest level in November last year. It now sits a few points below the all-time of $2,070.

This strong performance has helped Newmont seek inorganic growth. Earlier this year, the company proposed acquiring Newcrest, an Australian company, in $19.65 billion. The combination, if it goes through, will solidify Newmont as the biggest mining company in the world. Newmont’s CEO said:

“This transaction would strengthen our position as the world’s leading gold company by joining two of the sector’s top senior gold producers and setting the new standard in safe, profitable, and responsible mining.”

Newmont stock price was unchanged in the premarket.

Watch here:

The post Newmont’s revenue missed estimates as gold prices surged appeared first on Invezz.

You May Also Like


Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...


The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...


NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...


LVMH is a European luxury conglomerate and a family-run group. Made of 75 different brands/houses, the group generated revenues of EUR79.2 billion and employs...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.

Copyright © 2024