Newmont (NYSE: NEM) reported Q2 EPS of $0.51, $0.20 better than the analyst estimate of $0.31. Revenue for the quarter came in at $2.37 billion versus the consensus estimate of $2.41 billion.

SECOND QUARTER 2020 HIGHLIGHTS

• Produced 1.3 million attributable ounces of gold* and reported CAS* of $748 per ounce and AISC* of $1,097 per ounce and produced 138 thousand attributable gold equivalent ounces from co-products
• Generated $668 million of cash from continuing operations and $388 million of Free Cash Flow* while safely managing the ramp up of operations in care and maintenance
• Reported $3.8 billion of consolidated cash with $6.7 billion of liquidity and a net debt to adjusted EBITDA* ratio of 0.6x
• Declared second quarter dividend of $0.25 per share
• Returned >$2.0 billion to shareholders through dividends and share buybacks since January 2019

“In the second quarter we delivered solid financial performance with $984 million in adjusted EBITDA and $388 million in free cash flow, both substantial increases over the prior year quarter. Our focus remains on ensuring the health, safety and wellbeing of our workforce and neighboring communities as we manage through the Covid pandemic. I am very proud of our workforce for the agility and resolve that they have demonstrated during these challenging times," said Tom Palmer, President and Chief Executive Officer. "We safely and efficiently executed restart plans at our mines previously in care and maintenance and Newmont’s world-class portfolio is well positioned to deliver an even stronger second half of 2020. The ongoing favorable gold price environment amplifies our free cash flow generation yet our discipline around capital allocation will not change as we continue to invest in profitable projects and provide shareholders industry-leading returns while maintaining a strong balance sheet.”

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