Gold producer Newmont announced net income of $1.8 billion, or $1.67 per share, for the quarter ended September 30. Both figures were roughly double what they were for the same period last year ($922 million and $0.8, respectively). Adjusted earnings excluding one-time factors came in at $1.7 per share, while analysts had forecast $1.4, The Wall Street Journal wrote, citing FactSet data.
Revenue rose 20% to $5.5 billion, while analysts expected $5.2 billion, the publication added. However, gold production was down 15% year-on-year due to lower grades, maintenance at two mines and the completion of production at another, Seeking Alpha explained.
The company said it is starting to record cost reductions in certain areas. This was the result of cost-cutting measures taken by retiring CEO Tom Palmer after the completion of a $15 billion deal to acquire Australian gold miner Newcrest Mining, Bloomberg writes. The gold miner's key AISC (All-in Sustaining Costs) performance metric for the latest quarter was $1.56 an ounce: still quite high compared to peers, but nearly 6% below the average estimate and nearly 3% lower than it was a year ago, Bloomberg noted.
"The company expects to realize the full impact of its cost reduction programs: this will be reflected in the 2026 forecast to be presented next year," Newmont said in a statement.
