Newmont Corp. (NYSE:NEM) shares rose in Friday’s premarket trading session. On Thursday, the company released its first-quarter earnings results, beating estimates on the top and bottom lines.
The Details: Newmont reported quarterly earnings of $2.90 per share, which beat the consensus estimate of $2.21.
Quarterly revenue came in at $7.31 billion, beating the analyst consensus estimate of $6.75 billion.
The company ended the quarter with $8.8 billion of cash.
Key Production Metrics
- Attributable gold production fell 10% sequentially (Q/Q) to 1.30 million ounces. It is mainly due to weaker output across several operations. Bushfires impacted Boddington, while Tanami experienced lower grades due to planned sequencing and disruptions from heavy rainfall. Production at Lihir and Cerro Negro was also affected by lower grades and scheduled maintenance activities.
- Consolidated gold sales were 1.23 million ounces for the quarter. The average realized gold price was $4,900 per ounce, up $684 per ounce …