Newmont (NEM) Misses Q1 EPS by 3c, Revenues Miss

Newmont (NYSE: NEM) reported Q1 EPS of $0.74, $0.03 worse than the analyst estimate of $0.77. Revenue for the quarter came in at $2.87 billion versus the consensus estimate of $3.21 billion.

FIRST QUARTER 2021 HIGHLIGHTS

• Produced 1.5 million attributable ounces of gold and 317 thousand attributable gold equivalent ounces from co-products
• Reported gold CAS* of $752 per ounce and AISC* of $1,039 per ounce
• Generated $841 million of cash from continuing operations and $442 million of Free Cash Flow (99 percent attributable to Newmont)*
• Full-year production continues to be back-half weighted, in line with 2021 guidance**
• Declared first quarter dividend of $0.55 per share, consistent with the previous quarter***
• Ended the quarter with $5.5 billion of consolidated cash and $8.5 billion of liquidity with a net debt to adjusted EBITDA* ratio of 0.2x
• Reduced $550 million of debt outstanding with available cash in April 2021
• Executed $3.0B sustainability-linked revolving credit facility, demonstrating Newmont’s unwavering commitment to industry-leading environmental, social and governance (ESG) practices
• First production from Boddington Autonomous Haulage System, delivering safety and productivity improvements; leading the way as the industry's first autonomous haulage fleet
• Announced acquisition of GT Gold,+ located in the prospective Golden Triangle adding profitable copper and gold exposure to Newmont's industry-leading project portfolio
• Continued focus on fatality prevention through global application of critical controls

“In the first quarter we delivered a solid financial performance with $1.5 billion in adjusted EBITDA and $442 million in free cash flow, putting Newmont on track to achieve our full-year guidance with improving production expected in the second half of the year. We remain confident in the strength of our business as we invest in our world-class portfolio, strengthening the balance sheet and sustaining our quarterly dividend of $0.55 per share," said Tom Palmer, President and Chief Executive Officer. "We remain focused on proactively eliminating risks that could lead to a fatality and continue to lead the industry with our safety and sustainability practices. We believe that strong ESG performance is a key indicator of a well-managed business and we continue to hold ourselves accountable to create value and improve lives through sustainable and responsible mining."

For earnings history and earnings-related data on Newmont (NEM) click here.

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