Newmont ( NYSE: NEM ) is scheduled to announce Q3 results on Tuesday, Nov. 1, before market open.
Consensus EPS estimate is $0.34 (-43.3% Y/Y) and consensus revenue estimate is $2.88B (-0.7% Y/Y).
Over the last 2 years, NEM has beaten EPS estimates 50% of the time and revenue estimates 25% of the time.
Over the last 3 months, EPS estimates have seen 10 downward revisions , while revenue estimates have seen 3 downward revisions.
Goldman Sachs is bullish on miners of precious metals including Newmont ( NEM ), saying capital returns, production growth and margin expansion will drive idiosyncratic outperformance.
UBS upgraded Newmont ( NEM ) to Buy as it has an attractive dividend yield and can generate strong free cash flow.
SA contributor JR Research remains bullish on Newmont ( NEM ) as investors already factored in significant downside risks .
Newmont's ( NEM ) results will likely be impacted by lower gold and copper prices. Gold prices have tumbled, posting seven straight months of monthly losses, amid concerns over interest rates moving higher for longer while the dollar stays strong .
Copper prices are also on the decline . But many in the sector expect a massive shortfall in copper in the coming years, including Newmont ( NEM ) which delayed plans for a $2B project in Peru .
Q2 recap:
- Shares of the world's largest gold miner dropped after it posted weaker-than-expected Q2 earnings , hurt by lower gold production and prices as well as higher costs. It also cut its FY gold production forecast.
- Andrew Bary at Barron's raised concerns about the security of Newmont's ( NEM ) dividend, saying its incremental annual dividend could be impacted as gold is under pressure.
Recent news:
- Newmont ( NEM ) said Nancy Buese stepped down as CFO to join Baker Hughes ( BKR ) as its finance chief .
- Glencore ( OTCPK:GLCNF ) will acquire Newmont's ( NEM ) 18.75% stake in the MARA mining project in Argentina for $124.9M .
Shares of Newmont ( NEM ) declined ~31% YTD, underperforming the S&P 500 Materials index by a wide margin .
For further details see:
Newmont Q3 preview: Will weak metal prices drag earnings below estimates?