Newmont Mining Corporation (NEM - Free Report) is engaged in the production of gold, the exploration for gold and the acquisition and development of gold properties worldwide.
Newmont’s adjusted earnings for the fourth quarter came in at 40 cents per share. The figure beat the Zacks Consensus Estimate of 23 cents.
Newmont reported revenues of $2,048 million, up around 6% year over year. The figure surpassed the Zacks Consensus Estimate of $1,855.8 million.
Estimate Trend & Surprise History
Investors should note that the earnings estimate for Newmont for the fourth quarter has been going down over the past month. The company has beaten the Zacks Consensus Estimate in three of the trailing four quarters with an average positive surprise of around 16.1%.
Key Developments to Note
Newmont expects attributable gold production of 5.2 million ounces in 2019.
The company projects all-in sustaining costs to be $935 per ounce for 2019. Costs applicable to sales outlook for gold is $710 per ounce.
The company’s attributable copper production forecast for 2019 is 45,000 tons.
Currently, Newmont has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Newmont’s shares were up 3.1% in the pre-market trading. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on Newmont’s earnings report!
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