2023-04-27 08:45:51 ET
Newmont ( NYSE: NEM ) -0.3% pre-market Thursday after reporting better than expected Q1 adjusted earnings , but revenues fell 11% Y/Y to $2.7B due to lower sales volumes for all metals except copper and lower average realized co-product metal prices.
Q1 adjusted EBITDA fell 29% to $1B from $1.4B for the prior-year quarter, and capital expenditures for the quarter climbed 20% Y/Y to $526M, primarily due to higher sustaining capital spending.
Q1 free cash flow fell to negative $45M from positive $252M in the year-ago quarter, due to lower operating cash flow and higher capex.
Q1 gold production fell 5% Y/Y to 1.27M oz, due to lower mill recovery and ore grade milled at Peñasquito as a result of the planned mine sequencing, the impact of the mill shutdown at Tanami due to the rainfall event and lower production at Nevada Gold Mines.
Newmont's ( NEM ) average realized gold price for the quarter rose $14/oz from a year ago to $1,906/oz, and its all-in sustaining cost for gold increased 19% Y/Y to $1,376/oz, primarily due to higher CAS per oz and higher sustaining capital spend.
Newmont ( NEM ) said it remains on track to achieve full-year guidance of 5.7M-6.3M oz of attributable gold production at AISC of $1,150-$1,250/oz, assuming a $1,700/oz revenue gold price and normalizing levels of inflation.
The miner said it expects to produce ~24% of full-year gold guidance in Q2, and 55% of full-year gold production guidance in this year's H2.
Newmont ( NEM ) also declared a $0.40/share quarterly dividend , in line with previous.
More on Newmont:
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Newmont posts Q1 earnings beat but revenues hit by lower volumes