NEM - Newmont earnings revenues tumble on lower gold production higher costs
2023-07-20 09:25:20 ET
Newmont ( NYSE: NEM ) -4% pre-market Thursday after missing expectations for Q2 adjusted earnings and revenues, hurt by lower production due to strikes in Mexico and wildfires in Canada as well as higher costs.
Newmont ( NEM ) reported Q2 net profit of $155M, or $0.19/share, compared with $387M, or $0.49/share, in the year-earlier quarter
Q2 attributable gold production fell 17% to 1.24M oz from 1.5M oz a year ago and was roughly flat compared to Q1, and the total came in below the ~1.36M analyst consensus estimate.
The miner's Q2 all-in sustaining cost for gold jumped to $1,472/oz from $1,376/oz in Q1 and $1,199/oz in the prior-year period.
Newmont's ( NEM ) average realized gold price continued to rise steadily to $1,965/oz in Q2 from $1,906 in Q1 and $1,836 in the year-earlier quarter.
However, Newmont ( NEM ) said it remains on track for its full-year guidance for attributable gold production of 5.7M-6.3M oz, as well as gold all-in sustaining cost of $1,150-$1,250/oz, primarily driven by increased output at Ahafo, Tanami, Cerro Negro, Akyem and the two non-managed joint ventures at Nevada Gold Mines and Pueblo Viejo.
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Newmont earnings, revenues tumble on lower gold production, higher costs