NEW YORK - Newmont Corporation (NYSE: NEM) reported a robust first quarter for 2024, surpassing analyst expectations with earnings per share (EPS) and revenue that outpaced estimates.
The leading gold producer announced an EPS of $0.55, which was $0.19 higher than the analyst consensus of $0.36. Revenue for the quarter was also strong, coming in at $4.02 billion, significantly above the consensus estimate of $3.65 billion.
The company's operational performance was highlighted by the production of 2.2 million gold equivalent ounces and the generation of over $1.4 billion in cash from operations before working capital changes.
Newmont's President and CEO, Tom Palmer, attributed the successful quarter to the company's portfolio of Tier 1 gold and copper operations and its focus on achieving full-year guidance while delivering synergies and productivity improvements.
Investors responded positively to the earnings release, with Newmont's stock rising by 2.4%, indicating a favorable market reaction to the company's financial performance. The increase in share price reflects the market's confidence in Newmont's ability to deliver value, particularly in light of the robust revenue beat that drove the stock's movement.
In addition to its financial achievements, Newmont declared a first-quarter dividend of $0.25 per share and announced the sale of the Lundin Gold (OTC:LUGDF) Financing Facilities for $330 million. This strategic move further monetizes the company's non-core assets while maintaining its equity interest in Lundin Gold. Newmont remains committed to delivering on its full-year guidance and expects production to be weighted towards the second half of the year.
The company also reported progress on the Newcrest acquisition, with $105 million in synergies realized to date and a target of $500 million in annual synergies by the end of 2025. Newmont's focus on sustainability and responsible mining practices was underscored by the publication of its 20th Annual Sustainability Report and 3rd Annual Taxes and Royalties Contribution Report.
This quarter's financial results affirm Newmont's position as a leader in the gold industry and its ability to navigate the current market environment successfully. The company's strategic decisions and operational excellence continue to create an attractive value proposition for shareholders.
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