Newmont 4Q Earnings Bolstered by Stronger Gold Prices
By Micah Maidenberg
Newmont Corp. sold less gold in the fourth quarter, but prices
for the precious metal was stronger than the year before,
The gold miner reported net income of $764 million for the
quarter, up from $561 million the year earlier. Earnings per common
share increased to $1.02 from 69 cents.
The company's adjusted profit for the fourth quarter, also $1.06
a share, was ahead of the 95 cents a share that analysts polled by
FactSet predicted for that metric.
Sales rose to $3.38 billion from $2.97 billion a year earlier,
though fell short of the $3.48 billion consensus estimate for the
latest quarter, according to FactSet.
Overall, attributable gold ounces sold fell 10%, while prices
were up 25% to $1,852 for each troy ounce, the company said. Gold
production in the quarter of more than 1.6 million ounces was down
from more than 1.8 million ounces a year earlier, but higher than
the third quarter.
Write to Micah Maidenberg at firstname.lastname@example.org
(END) Dow Jones Newswires
February 18, 2021 08:03 ET (13:03 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.