NEM - Newmont Q3 Preview: Better earnings expected

2023-10-25 10:38:00 ET

The world's largest gold miner Newmont Corp ( NYSE: NEM ) is expected to deliver a year-over-year rise in earnings when it reports results for the quarter ended September 2023 on Thursday, October 26th, before market open.

The consensus EPS Estimate is $0.40 (+48.1% Y/Y) and the consensus Revenue Estimate is $2.82B (+7.2% Y/Y).

Newmont ( NEM ) has received all clearances from regulators for its $19.2 billion purchase of Australian rival Newcrest Mining, which is expected to close in November. Investors will therefore listen in to the company's plans post the deal and production outlook on the face of rising gold prices following a disappointing Q2 print. Remarks on the company's plans to ramp up operations at the Peñasquito mine located in the Mexican state of Zacatecas following a long-standing strike also remain a primary focus for investors.

Earlier this month, Newmont's Canadian peer Barrick ( GOLD ) said its gold production rose nearly 3% sequentially for the third quarter, helped by higher production at its Cortez mines in Nevada.

Over the last 2 years, NEM has beaten EPS estimates 25% of the time and has beaten revenue estimates 38% of the time.

Over the last 3 months, EPS estimates have seen 0 upward revisions and 6 downward. Revenue estimates have seen 0 upward revisions and 3 downward.

Newmont's shares have fallen over 22% so far this year.

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