Newmont (NEM) Tops Q3 EPS by 2c, Revenues Miss

Newmont (NYSE: NEM) reported Q3 EPS of $0.86, $0.02 better than the analyst estimate of $0.84. Revenue for the quarter came in at $3.17 billion versus the consensus estimate of $3.3 billion.

THIRD QUARTER 2020 HIGHLIGHTS

• Produced 1.5 million attributable ounces of gold* and reported CAS* of $756 per ounce and AISC* of $1,020 per ounce and produced 273 thousand attributable gold equivalent ounces from co-products
• Generated $1.6 billion of cash from continuing operations and $1.3 billion of Free Cash Flow*
• Reported $4.8 billion of consolidated cash with $7.8 billion of liquidity and a net debt to adjusted EBITDA* ratio of 0.4x
• All sites operational with wide-ranging controls and safety protocols continuing to manage the Covid pandemic while placing the health, safety and wellbeing of our people and communities above all else
• On track to finish 2020 strong and meet full-year guidance
• Declared third quarter dividend of $0.40 per share, an increase of 60 percent over the prior quarter
• Formed exploration joint ventures with Agnico Eagle Mines Limited in Colombia and Kirkland Lake Gold Inc. in Canada
• Announced sale of royalty portfolio to Maverix Metals for total consideration of approximately $90 million
• Achieved gender parity amongst independent non-executive Board Directors

“Capitalizing on the strength of our portfolio and higher gold prices, we delivered record third quarter adjusted EBITDA of $1.7 billion and free cash flow of $1.3 billion. This was the best quarterly financial performance in Newmont’s history. We also remain focused above all else on protecting the health, safety and wellbeing of our workforce and neighboring communities as the pandemic continues," said Tom Palmer, President and Chief Executive Officer. "As demonstrated by our second dividend increase this year, with a 79 percent increase in January and a further 60 percent increase in October, I am confident that our world-class portfolio is best positioned to generate industry-leading value and returns for our shareholders."

- Tom Palmer, President and Chief Executive Officer

For earnings history and earnings-related data on Newmont (NEM) click here.

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