Newmont (NEM) Tops Q2 EPS by 5c

Newmont (NYSE: NEM) reported Q2 EPS of $0.80, $0.05 better than the analyst estimate of $0.75. Revenue for the quarter came in at $3.07 billion versus the consensus estimate of $3.19 billion.

• Produced 1.4 million attributable ounces of gold and 303 thousand attributable gold equivalent ounces from co-products
• Reported gold CAS* of $755 per ounce and AISC* of $1,035 per ounce
• Full-year results continue to be back-half weighted, in line with guidance ranges**
• Generated $993 million of cash from continuing operations and $578 million of Free Cash Flow (97 percent attributable to Newmont)*
• Declared second quarter dividend of $0.55 per share, consistent with the previous quarter***
• Completed $149 million of share repurchases from $1 billion buyback program***
• Ended the quarter with $4.6 billion of consolidated cash and $7.6 billion of liquidity with a net debt to adjusted EBITDA* ratio of 0.2x
• Reduced $550 million of debt outstanding with available cash in April 2021
• Completed acquisition of GT Gold in May 2021, increasing our interest in the prospective Golden Triangle
• Approved full funding for Ahafo North in July 2021, meeting Newmont’s internal hurdle rate at the base assumption of $1,200 per ounce gold price; expecting to deliver an internal rate of return of over 30 percent at current prices
• Published 2020 Annual Sustainability Report, a transparent review of our Environmental, Social and Governance performance
• Launched first Climate Strategy Report, including pathways to achieve our climate targets

"Throughout our history Newmont has taken an industry-leading approach to environmental, social and governance practices. We published our sustainability and climate-focused reports in the second quarter, demonstrating our commitment to responsible mining and doing our part in addressing climate change," said Tom Palmer, President and Chief Executive Officer. "Capitalizing on the strength of our assets and integrated operating model, Newmont delivered a solid second quarter performance with $1.6 billion in adjusted EBITDA and $578 million in free cash flow. Our performance and disciplined approach to capital allocation allowed Newmont to declare a second quarter dividend of $0.55 per share, whilst we continue to reinvest in our business through our most profitable projects. As we move into our next 100 years of mining, we remain focused on delivering value to all of our stakeholders from our world-class portfolio of long-life, responsibly managed assets located in top-tier jurisdictions."

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

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