Newmont Mining Corp.’s fourth quarter earnings edged past analysts’ expectations, 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 a FactSet survey). Adjusted total earnings of $214 million was higher than the year-ago quarter’s $206 million.
Newmont’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.