Newmont Mining Corp.’s fourth quarter earnings edged past analysts’ expectation, on the back of strong gold and copper output coupled with operational cost reduction.
The mining company raked in earnings of 40 cents a share in the quarter, compared to analysts’ expected 25 cents (based on FactSet survey). Adjusted total earnings of $214 million was higher than the year-ago quarter’s $206 million.
Newport’s revenue increased to $2.05 billion from the year-ago quarter’s $1.94 billion, with attributable gold production rising +8% year-over-year in the quarter.
For the full year 2018, Newmont’s adjusted earnings came in at $718 million (or $1.35 a share), lower than 2017’s $774 million (or $1.45 a share). Revenue for the full year declined to $7.25 billion compared to $7.38 billion in 2017 – something that the company attributed to lower realized average metal prices partly offsetting the increase in gold output.