Newmont Q2 Earnings Surpass Expectations, Revenue Up 20.8% YoY

Newmont Corporation (NEM) reported Q2 revenue of $5.32 billion, up 20.8% YoY, and EPS of $1.43, compared to $0.72 in the year-ago quarter. The reported revenue and EPS surprised analysts by +16.03% and +37.5%, respectively. Attributable gold production at Yanacocha reached 131 Koz, compared to the estimated 112.26 Koz. Shares have returned +5.8% over the past month, with a Zacks Rank #2 (Buy) indicating potential outperformance.

Newmont Corporation (NEM) has announced its second-quarter financial results, demonstrating robust performance and surpassing analyst expectations. The company reported a revenue of $5.32 billion, representing a 20.8% year-over-year (YoY) increase [1]. This figure exceeded the Zacks Consensus Estimate of $4.58 billion by +16.03%. Additionally, the company's earnings per share (EPS) came in at $1.43, compared to $0.72 in the year-ago quarter, representing a +37.5% surprise over the consensus estimate of $1.04 [2].

The company's adjusted earnings for the period were $1.59 billion, or $1.43 per share, excluding items. This marked a significant improvement from the same period last year, when adjusted earnings were $853 million, or $0.74 per share [1].

Newmont's attributable gold production at Yanacocha reached 131.00 Koz, surpassing the two-analyst average estimate of 112.26 Koz. The company also reported strong performance in other key metrics, such as silver production and geographic revenues [2].

Shares of Newmont have returned +5.8% over the past month, outperforming the Zacks S&P 500 composite's +5.7% change. The stock currently holds a Zacks Rank #2 (Buy), indicating potential outperformance relative to the broader market [2].

References:
[1] https://www.nasdaq.com/articles/newmont-corporation-reveals-increase-q2-bottom-line
[2] https://www.nasdaq.com/articles/compared-estimates-newmont-nem-q2-earnings-look-key-metrics