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Newmont Corporation NEM reported fourth-quarter 2024 net earnings from continuing operations of $1.24 per share. This is in contrast to a loss of $3.24 per share in the year-ago quarter.
Barring one-time items, adjusted earnings were $1.40 per share, up from 46 cents reported in the prior-year quarter. It beat the Zacks Consensus Estimate of earnings of 95 cents per share.
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NEM’s revenues for the fourth quarter were $5,652 million, up 42.8% from $3,957 million reported in the prior-year quarter. The figure topped the Zacks Consensus Estimate of $4,881 million. The increase in the top line was primarily due to higher sales volumes and realized gold prices.
Newmont Corporation Price, Consensus and EPS Surprise
Newmont Corporation price-consensus-eps-surprise-chart | Newmont Corporation Quote
NEM’s Operational Highlights
Newmont's attributable gold production in the fourth quarter of 1.90 million ounces was 9.2% higher than the prior-year figure. The figure beat our estimate of 1.8 million ounces.
Average realized prices of gold rose around 31.9% year over year to $2,643 per ounce. The figure was below our estimate of $2,652 per ounce.
The company’s costs applicable to sales for gold were $1,096 per ounce, up 0.9% year over year. The figure was above our estimate of $1,050 per ounce.
All-in-sustaining costs (AISC) for gold were down around 1.5% year over year to $1,463 per ounce. The figure was below our estimate of $1,475.2 per ounce.
NEM’s FY 2024 Results
Adjusted earnings were $3.48 per share compared with $1.57 a year ago. Net sales increased 58% year over year to $18,682 million.
NEM’s Financials
The company ended the quarter with cash and cash equivalents of $3,619 million, up 20.6% year over year. At the end of the quarter, Newmont had a long-term debt of $7,552 million, up 8.6% year over year.
Net cash from continuing operations (before working capital) amounted to $2,398 million, up from $787 million a year ago.
NEM’s Outlook
Attributable production for 2025 is forecast to be around 5.9 million gold ounces, with 0.3 million ounces from non-core assets held for sale in the first quarter and 5.6 million ounces from the Total Tier 1 Portfolio.
Gold AISC for the total portfolio is projected to be $1,630 per ounce, including production from non-core assets, for the first quarter of 2025, with gold AISC from the Total Tier 1 portfolio expected to be $1,620 per ounce for 2025.
In 2025, the Total Tier 1 portfolio is expected to spend roughly $1.8 billion on sustaining capital and $1.3 billion on development capital to advance major near-term development initiatives.