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NEW YORK - Newmont Corporation (NYSE: NEM) shares edged 0.8% higher on Thursday after the gold mining giant reported fourth quarter earnings and revenue that exceeded analyst expectations.
The company posted adjusted earnings per share of $1.40 for Q4, surpassing the consensus estimate of $1.07. Revenue came in at $5.65 billion, above the $5.15 billion analysts were expecting.
Newmont produced 1.9 million attributable gold ounces in the fourth quarter, up 14% from the previous quarter. The increase was primarily driven by higher production at Peñasquito, Boddington, and Lihir, as well as from its stake in Nevada Gold Mines.
"Our record fourth quarter gave a glimpse into the promising potential of the business and allowed Newmont to deliver record operating cash flows," said Tom Palmer, Newmont’s President and CEO.
For the full year 2024, Newmont reported attributable gold production of 6.85 million ounces. The company generated $6.3 billion in operating cash flow and $2.9 billion in free cash flow for the year.
Looking ahead, Newmont expects 2025 attributable gold production of approximately 5.9 million ounces, including 5.6 million ounces from its Tier 1 portfolio.
The company declared a fourth quarter dividend of $0.25 per share.
While investors reacted positively to the earnings beat, the modest 0.8% gain suggests a cautious response as the market weighs Newmont’s outlook against macroeconomic factors impacting the gold mining sector.
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