By Micah Maidenberg

 

Newmont Corp. sold less gold in the fourth quarter, but prices for the precious metal was stronger than the year before, bolstering profit.

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 micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

February 18, 2021 08:03 ET (13:03 GMT)

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