Newmont Stock Falls 4% After Missing Quarterly Profit Estimates on Lower Output

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Newmont Stock Falls 4% After Missing Quarterly Profit Estimates on Lower Output

Reuters2023-07-20

(Reuters) - Gold miner Newmont missed Wall Street estimates for second-quarter profit on Thursday, hurt by lower production due to strikes in Mexico and the Canadian wildfires as well as higher costs.

Earlier in June, Newmont suspended operations at its Penasquito mine in Mexico in response to a labor strike notice.

Newmont stock falls 4.4% in premarket trading.

Wildfires in Quebec had also halted mining operations across Canada during the quarter.

Denver, Colorado-based Newmont said attributable gold production fell to 1.24 million ounces in the quarter from 1.5 million ounces a year ago.

Gold's all-in sustaining cost (AISC), a key industry metric that reflects total expenses associated with production, rose to $1,472 per ounce from $1,199 per ounce.

On an adjusted basis, the company posted a net income of 33 cents per share for the quarter ended June 30, compared with analysts' average estimate of 44 cents per share, according to Refinitiv data.

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