Newmont Mining (NYSE: NEM) reported Q1 EPS of $0.33, $0.05 better than the analyst estimate of $0.28. Revenue for the quarter came in at $1.8 billion versus the consensus estimate of $1.85 billion.

• Net income: Delivered GAAP net income from continuing operations attributable to stockholders of $113 million or $0.21 per diluted share; delivered adjusted net income1 of $176 million or $0.33 per diluted share, down $0.02 compared to the prior year quarter
• EBITDA: Generated $687 million in adjusted EBITDA2, up seven percent from the prior year quarter
• Cash flow: Reported consolidated cash flow from continuing operations of $574 million, more than double prior year quarter, and free cash flow3 of $349 million
• Gold costs applicable to sales (CAS)4: Reported CAS of $701 per ounce, an improvement of six percent compared to the prior year quarter, and in-line with the Company’s full year guidance
• Gold all-in sustaining costs (AISC)5: Reported AISC of $907 per ounce, an improvement of four percent compared to the prior year quarter, and in-line with the Company’s full year guidance
• Attributable gold production: Produced 1.23 million ounces of gold, in-line with the Company’s full year guidance
• Portfolio improvements: Forged a strategic joint venture agreement with Barrick to create the world’s largest gold producing complex by combining the companies’ respective mining operations, assets, reserves, and talent in Nevada; completed Tanami Power Project in Australia safely and on schedule, lowering power costs and carbon emissions by 20 percent
• Financial strength: Ended the quarter with net debt of $0.8 billion and $3.5 billion cash on hand, supporting an investment-grade credit profile; declared a first quarter dividend of $0.14 per share; declared a one-time special dividend of $0.88 per share to be paid on May 1, 2019, to Newmont shareholders of record based on outstanding shares as of April 17, 2019, and not including any shares issued in connection with the recently completed Newmont Goldcorp transaction.
• Newmont Goldcorp update: On January 14, 2019, the Company entered into a definitive agreement to acquire all outstanding common shares of Goldcorp Inc. (Goldcorp) in a primarily stock transaction. On April 18, 2019, Newmont closed its acquisition of Goldcorp following receipt of all regulatory approvals and approval by Newmont’s and Goldcorp’s shareholders of the resolutions at the shareholder meetings on April 11 and April 4, 2019, respectively. As of the closing date, the combined company is known as Newmont Goldcorp Corporation, continuing to be traded on the New York Stock Exchange under the ticker NEM and listed on the Toronto Stock Exchange under the ticker NGT.

“We delivered $349 million in free cash flow in the quarter while meeting production and cost targets on the back of continued operational excellence,” said Gary J. Goldberg, Chief Executive Officer. “This performance gave us the means to deliver superior shareholder value in the form of a special dividend, and to build a stronger future by advancing profitable projects on three continents, and by progressing two historic transactions. Our joint venture in Nevada will generate synergies and create the world’s largest gold mining complex, and our combination with Goldcorp will create the world’s leading gold business as measured by assets, prospects and people.”

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