Newmont 3Q Revenue Rises on Higher Gold Prices
October 29 2020 - 8:24AM
Dow Jones News
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)
Copyright (c) 2020 Dow Jones & Company, Inc.
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