Another steady quarter from gold miner Newmont pushed shares higher in late trading. The company expects production growth in 2027.
Thursday evening, the gold miner announced earnings per share of $2.20 from sales of $6.4 billion. Wall Street was looking for $1.96 and $6.3 billion, respectively. A year ago, Newmont reported earnings per share of $1.71 from sales of $5.5 billion.
Shares were up 0.8% in after-hours trading at $115.
Sales and earnings are up with gold prices. Spot gold averaged about $4,300 per ounce in the third quarter, up from closer to $3,600 a year ago. Still, gold prices are down roughly 25% from a 52-week high north of $5,300 per ounce.
Newmont stock is always linked to gold prices. Through Thursday's trading, shares were down about 10% over the past month as gold prices slid about 8%. Newmont shares were up about 14% year to date.
Newmont's average realized gold price in the quarter was $4,317 per ounce, up from $3,539 in the third quarter of 2025, but down from $4,414 in the second quarter.
All-in sustaining costs were $1,454, down from $1,621 in the second quarter due to a reduction in costs at the company's Cadia mine in Australia.
Newmont produced 1.3 million ounces in the quarter, similar to the 1.29 million ounces produced in the second quarter and down from 1.42 million ounces a year ago. An April earthquake in Australia affected Newmont's production at its Cadia mine. Production has resumed, and importantly, the company says it is still on track to produce 5.3 million ounces this year.
"Newmont remains on track to achieve our full-year 2026 production guidance and improved full-year cost outlook, supported by disciplined operational execution in the third quarter, demonstrating the strength and resilience of our world-class portfolio," said CEO Natascha Viljoen in a news release. "Since our last earnings call, we have returned $1.9 billion to shareholders through quarterly dividends and share repurchases, contributing to an approximate 10% reduction in our total share count since February 2024, reflecting our commitment to creating long-term value for our shareholders on a per-share basis."
The company has repurchased more than $7.5 billion in stock over the past seven quarters. It has another $2.8 billion in buying capacity under the current authorized program of $6 billion.
For 2027, management expects production growth of "low- to mid- single-digit percentage compared with 2026." Higher ore grades in Lihir, in Papua New Guinea; mining optimization at Boddington, in Australia; and expansion at Tanami, in Australia, are part of the story.
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