Newmont Goldcorp Swung to 3Q Profit

By Giulia Petroni

Newmont Goldcorp Corp. (NEM) on Tuesday said that it swung to a third-quarter profit, and slightly lowered its 2019 gold-production outlook.

The Denver-based mining company made a quarterly profit of $2.18 billion, or $2.65 a share, compared with a loss of $145 million in the year-earlier period.

On an adjusted basis, Newmont Goldcorp reported a profit of 36 cents a share, compared with 33 cents a share last year. Analysts were looking for adjusted per-share earnings of 39 cents, according to FactSet.

Attributable gold production rose 28% to 1.64 million ounces compared to the previous year, the company said. Newmont expects production to be 6.3 million ounces in 2019. It had previously forecast 2019 production of 6.5 million ounces at the time of its second-quarter report.

Revenue increased to $2.71 billion from $1.72 billion the previous year, due to higher realized gold prices and sales volumes, according to the company.

Adjusted earnings before interest, tax, depreciation and amortization for the third quarter came to $1.08 billion.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

November 05, 2019 08:56 ET (13:56 GMT)

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