logo
Plus   Neg
Share
Email

Newmont Q4 Results Beat View

Newmont Corp. (NEM) reported that its fourth-quarter net income attributable to stockholders surged to $565 million or $0.69 per share from $2 million in the same quarter last year.

Net income from continuing operations attributable to stockholders for the quarter was $537 million or $0.66 per share, compared to loss of $3 million in the prior year, primarily due to higher production from acquired assets and higher realized gold prices.

Adjusted net income for the quarter was $410 million or $0.50 per share, compared to $214 million or $0.40 in the prior year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue increased 45 percent to $2.97 billion from last year, primarily due to new production from the acquired Goldcorp assets and higher average realized gold prices. Analysts expected revenues of $2.93 billion for the quarter.

Attributable gold production is expected to be stable at 6.2 to 6.7 million ounces across the five year period. The 2020 outlook of 6.4 million ounces increases from 2019 with a full year of production from the acquired Goldcorp assets.

The company expects stable production of 6.4 million ounces in 2020, and 6.2 million ounces to 6.7 million ounces per year longer term through 2024 with an improving costs base.

The company said it is on track to realize $500 million per year of improvements in 2021, exceeding its commitment by approximately 40 percent.

The company expects to realize $1.4 billion in cash proceeds in the first-quarter of 2020 through divestitures. It announced plan to increase annual divided by 79 percent to $1.00 per share.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Tesla said it will produce ventilators at its Gigafactory in Buffalo, New York to support the city's hospitals amid the coronavirus pandemic. New York is the worst affected state in the U.S. Last Saturday, Musk tweeted that he "had a long engineering discussion with Medtronic about state-of-the-art ventilators. Luxury fashion house Ralph Lauren will donate $10 million to help fight the coronavirus pandemic and manufacture face masks as well as medical gowns in the U.S. The company's charity arm, the Ralph Lauren Corporate Foundation, said in a statement that it is committing $10 million towards the global response to the COVID-19 pandemic. General Motors Co. is delaying work on new vehicle models and is cutting pay for its executives as part of efforts to conserve cash amid the coronavirus or Covid-19 pandemic. The automotive giant also extended the shutdown of North American plants indefinitely. Multiple reports cited an internal memo that salaried workforce will have 20 percent of pay deferred starting April 1.
Follow RTT
>