Investing.com -- Newmont Corporation (NYSE: NEM) reported first quarter results that exceeded analyst expectations, with adjusted earnings per share of $2.90 beating estimates by $0.72 and revenue of $7.31 billion surpassing the $6.53 billion consensus. Shares rose 1.7% after hours Thursday following the announcement.

The gold miner generated a record $3.1 billion in free cash flow during the quarter, supported by an average realized gold price of $4,900 per ounce and production of 1.3 million attributable gold ounces. The strong performance prompted the Board to authorize an additional $6.0 billion share repurchase program after fully executing its previous $6.0 billion authorization, under which the company repurchased $2.4 billion of shares since the last earnings call.

"Newmont delivered strong operational and financial performance in the first quarter, producing approximately 1.3 million attributable gold ounces and generating an all-time record $3.1 billion in quarterly free cash flow," said Natascha Viljoen, President and Chief Executive Officer.

Gold by-product all-in sustaining costs came in at $1,029 per ounce, down 21% from the prior quarter, benefiting from favorable silver and copper sales volumes and prices. The company reported net income of $3.3 billion, or $3.00 per diluted share, compared to $1.3 billion in the fourth quarter of 2025.

Revenue increased 42% YoY from $5.0 billion in the first quarter of 2025, driven by higher gold prices and improved metal sales. The company ended the quarter with $8.8 billion in cash and a net cash position of $3.2 billion.

Newmont declared a dividend of $0.26 per share for the first quarter, payable June 22, 2026 to shareholders of record on May 27, 2026. The company remains on track to meet its full-year 2026 production guidance of 5.3 million attributable gold ounces.