NEM - Newmont Q1 Earnings: A Solid Buy-The-Dip Candidate
2024-04-25 11:32:38 ET
Summary
- Newmont Corporation had a solid start to the year in Q1 2024 with gold production up sharply following the Newcrest acquisition and a significant increase in GEO production.
- Meanwhile, although the financial results may have come in below investor's expectations, free cash flow was impacted by a stamp duty payment and AISC margins will surge in Q2.
- In this update, we'll dig into the Newmont Corporation Q1 results, the Q2 outlook, and if the more robust metals price outlook is starting to get priced into the stock at $41.00.
The Q1 Earnings Season for the VanEck Gold Miners ETF ( GDX ) has finally begun, and one of the first companies to report its results was Newmont Corporation ( NEM ). Overall, the company had a decent start to the year with a significant increase in operating cash flow and adjusted earnings of $0.55 (Q1 2023: $0.40). Notably, this was despite little help from its major non-managed joint ventures that had a slow start to the year, and Newmont has already stated that production would be back-end weighted with much higher production expected from Pueblo Viejo (40%), Nevada Gold Mines (38.5%), Tanami, Brucejack, and Fruta Del Norte as the year progresses. Let's take a closer look at the Q1 results and 2024 outlook below:...
Newmont Q1 Earnings: A Solid Buy-The-Dip Candidate