NEM Newmont Corporation

By Matt Grossman

Newmont Corp. Thursday recorded higher revenue in the latest quarter as gold production declined but the average price per ounce climbed.

The Greenwood Village, Colo.-based mining company logged a third-quarter profit of $839 million, or $1.04 a share, compared with a profit of $2.18 billion, or $2.65 a share, in the same three-month period a year earlier.

On an adjusted basis, Newmont's profit was 86 cents a share. Analysts polled by FactSet were expecting an adjusted profit of 84 cents a share.

Revenue was $3.17 billion, up from $2.71 billion in the same three-month period a year earlier. Analysts had forecast revenue of $3.25 billion.

Attributable gold production declined 6% year over year to 1.5 million ounces due to coronavirus-related effects at three mining sites, Newmont said. The average realized price of gold rose to $1,913 an ounce, an increase of $437 an ounce compared with the price in the year-ago period.

The company incurred $32 million of incremental costs specifically related to Covid-19 in the quarter as it paid for additional health and safety measures, increased transportation and contributions to community funds.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

October 29, 2020 08:09 ET (12:09 GMT)

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