Newmont Goldcorp Swung to 3Q Profit
November 05 2019 - 9:11AM
Dow Jones News
By Giulia Petroni
Newmont Goldcorp Corp. (NEM) on Tuesday said that it swung to a
third-quarter profit, and slightly lowered its 2019 gold-production
outlook.
The Denver-based mining company made a quarterly profit of $2.18
billion, or $2.65 a share, compared with a loss of $145 million in
the year-earlier period.
On an adjusted basis, Newmont Goldcorp reported a profit of 36
cents a share, compared with 33 cents a share last year. Analysts
were looking for adjusted per-share earnings of 39 cents, according
to FactSet.
Attributable gold production rose 28% to 1.64 million ounces
compared to the previous year, the company said. Newmont expects
production to be 6.3 million ounces in 2019. It had previously
forecast 2019 production of 6.5 million ounces at the time of its
second-quarter report.
Revenue increased to $2.71 billion from $1.72 billion the
previous year, due to higher realized gold prices and sales
volumes, according to the company.
Adjusted earnings before interest, tax, depreciation and
amortization for the third quarter came to $1.08 billion.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
November 05, 2019 08:56 ET (13:56 GMT)
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