In somewhat of a surprise, Newmont Mining Corp (NYSE:NEM) failed to meet analysts' estimates, although they did enjoy solid earnings for the quarter.
With gold prices soaring for the quarter, expectations were high that the company, and the overall industry, would have extraordinary results. It wasn't gold prices, but rather declining copper prices which caused the company to miss estimates.
Earnings for the quarter came in at $382 million, or 78 cents a share, more than double the $162 million, or 33 cents a share generated in the same quarter last year.
Minus impairments and asset sales, earnings were 77 cents a share. Analysts on average were looking for 84 cents a share, so it was a pretty big miss by the world's second-largest gold mining company.
Revenue for the quarter was $2.15 billion, up from the $1.6 billion last year, but again, missing estimates of $2.2 billion.
Guidance for gold production remains on target, as Newmont said they're still looking at a range of 5.3 million to 5.5 million an ounce, at a cost of between $460 and $480 an ounce.
Newmont increased its quarterly dividend from 10 cents a share to 15 cents a share.
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