Newmont ( NYSE: NEM ) +0.3% early Thursday after narrowly missing Q4 adjusted earnings estimates and reporting a 5.5% drop in revenues to $3.2B, hurt by lower gold prices and higher costs.
The gold miner posted a Q4 loss of $1.48B, or $1.86/share, compared with a loss of $46M, or $0.06/share, in the year-earlier quarter.
Newmont's ( NEM ) average realized gold price for the quarter fell $40/oz to $1,758/oz compared with the prior-year period.
Q4 attributable gold production stayed roughly flat at 1.63M oz from 1.62M oz a year earlier.
For FY 2023, Newmont ( NEM ) forecasts gold production of 5.7M-6.3M oz at all-in sustaining cost of $1,150-$1,250/oz, compared to the previous year's output of 6M oz at AISC of $1,211/oz.
The miner anticipates FY 2023 sustaining capital spending of $1B-$1.2B and development capital spending of $1.2B-$1.4B.
The company also targeted a dividend of $1.40-$1.80/share, down from $2.20 in 2022.
Newmont ( NEM ) did not provide an update to its takeover plans for Newcrest, which earlier this month rejected the company's initial $17B takeover proposal .
Newmont ( NEM ) shares have lost 10.5% so far this year and 35% during the past 12 months .
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Newmont misses Q4 earnings, revenue slips on lower gold prices