Newmont Mining (NEM) Misses Q3 EPS by 12c, Sales Miss
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Newmont Mining (NYSE: NEM) reported Q3 EPS of $0.38, $0.12 worse than the analyst estimate of $0.50. Revenue for the quarter came in at $1.8 billion versus the consensus estimate of $1.9 billion.
“Newmont delivered $666 million in adjusted EBITDA and $240 million in free cash flow this quarter, marking eight quarters out of the last ten with positive free cash flow. We continued to optimize our portfolio by bringing Merian into production on time and more than $150 million below budget. We are also on track to begin producing gold at Long Canyon next month – or nearly two months ahead of schedule.” said Gary Goldberg, President and Chief Executive Officer. “Our team is honored to be named the mining industry leader by the Dow Jones Sustainability Index for the second year running – and believe that strong performance in this area underpins our our exceptional operational execution and balance sheet strength. We’re pleased to leverage this performance to return more capital to our investors – our gold price-linked dividend doubled during the quarter and we recently announced plans to enhance our dividend policy, which will hold the potential to increase payout levels by 100 percent or more beginning in the first quarter of 2017.”
For earnings history and earnings-related data on Newmont Mining (NEM) click here.
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