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Newmont Goldcorp's (NEM) Q1 Earnings Beat, Sales Miss Estimates
Newmont Goldcorp Corporation (NEM - Free Report) is engaged in the production of gold, the exploration for gold and the acquisition and development of gold properties worldwide.
Earnings
Newmont Goldcorp’s adjusted earnings for the first quarter came in at 33 cents per share. The figure beat the Zacks Consensus Estimate of 26 cents.
Revenues
Newmont Goldcorp reported revenues of $1,803 million, down around 0.8% year over year. The figure trailed the Zacks Consensus Estimate of $1,845.2 million.
Estimate Trend & Surprise History
Investors should note that the earnings estimate for Newmont Goldcorp for the first quarter has been going down over the past month. The company has beaten the Zacks Consensus Estimate in all the trailing four quarters with an average positive surprise of around 34.6%.
Key Developments to Note
Newmont Goldcorp expects attributable gold production of 5.2 million ounces in 2019.
The company also expects its all-in sustaining costs to be $935 per ounce for 2019. Costs applicable to sales expectation for gold is $710 per ounce.
The company’s attributable copper production forecast for 2019 is 45,000 tons.
Zacks Rank
Currently, Newmont Goldcorp has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Market Reaction
Newmont Goldcorp’s shares were up roughly 1.2% 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 Goldcorp’s earnings report!
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