- Newmont ( NYSE: NEM ) is scheduled to announce Q2 earnings results on Monday, July 25th, before market open.
- The consensus EPS Estimate is $0.61 (-26.5% Y/Y) and the consensus Revenue Estimate is $3.06B (-0.2% Y/Y).
- Newmont's Q1 earnings missed analyst expectations , as costs increased at a faster pace than sales. Net income from continuing operations fell to $432M, attributed to lower gold sales volumes, higher CAS, a $130M pension settlement charge, the loss recognized on the sale of the La Zanja equity method investment in 2022 compared to a gain on the sale of TMAC in 2021, and higher reclamation and remediation charges.
- Nevertheless, Newmont ( NEM ) said it is on track to meet full-year growth projections, maintaining production guidance of 6.2M oz of gold. The miner sees elevated costs remaining a problem throughout 2022, saying it has incorporated an additional 5% of cost escalation into direct operating costs related to labor, energy, and material and supplies.
- Shares have been pressured by a slide in gold prices. Earlier this July gold reached its lowest level in more than a year, with front-month Comex gold ( XAUUSD:CUR ) for July dipping below $1,700 an ounce, marking its lowest settlement value since March 2021. The figure also represented a nearly 17% drop from March of this year, when the commodity hit its 52-week high.
- Consequently, Newmont's shares have dropped -18.24% in the last month and -13.46% YTD after peaking in April at a little over $85. Shares of the Colorado-based gold miner retreated to an intraday 52-week low of $51.85 on July 21.
- Here is a look at Newmont's YTD price return performance versus peers:
For further details see:
Newmont Q2 preview: Will lower gold prices dampen performance?