Newmont Corporation passed estimates on revenue and earnings per share last quarter, driven by surging gold prices.
Revenue was US$5.52 billion, up 20% year-over-year and above FactSet estimates of $5.19 billion. Adjusted earnings per share were $1.71, rising from $0.81 and beating estimates of $1.44.
“Newmont delivered a robust third quarter performance, producing approximately 1.4 million attributable gold ounces and generating a third-quarter record of $1.6 billion in free cash flow, marking the fourth consecutive quarter with over $1 billion in free cash flow," said Newmont CEO Tom Palmer.
"We are making significant progress on the cost savings initiatives announced at the beginning of the year, enabling us to meaningfully improve our 2025 guidance for several cost metrics, while maintaining our outlook for production and unit costs in a rising gold price environment.”
Newmont’s gold production last quarter was 1.42 million ounces, down from $1.67 million ounces year-over-year. It also produced 35,000 tonnes of copper.
Average realised gold prices were $3,539 per ounce, rising from $3,320 per ounce in Q2 and $2,518 per ounce one year ago.
Gold prices have spiked by more than 50% across 2025 to date amid economic uncertainty, though prices dropped by 8% earlier this week in its largest single-day fall in 12 years.
Newmont sold 1.32 million ounces of gold, down from 1.57 million ounces year-over-year.
Capital expenditures shrank from $877 million one year ago to $727 million last quarter. Adjusted EBITDA grew from $1.97 billion to $3.31 billion.
It expects fourth quarter gold production will be around 1.415 million ounces, with 5.6 million ounces produced across 2025.
The company has now divested from all assets it had previously marked as held-for-sale, with the sale of its Coffee gold project in Canada to Fuerte Metals closing earlier in October.
Palmer will also retire as CEO at the end of 2025. Natascha Viljoen, currently Newmont’s COO and previously Anglo American Platinum’s CEO, will take over the role.
Newmont’s (NYSE: NEM) share price dropped to $87.20 in after-hours trading following a close at $88.91, while its Australian-listed shares (ASX: NEM) closed at A$133.03 yesterday. Its market capitalisation is US$97.66 billion.
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