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Newmont shares fall as cost struggles undermine gold profit surge
By Jacob Lorinc
Bloomberg News
Thursday, October 24, 2024
Newmont Corp. shares had their biggest decline in more than two years after investors soured on earnings results that suggest the top gold producer is struggling to control mining costs and capitalize on surging bullion prices.
Shares fell as much as 9.1% in New York on Thursday, the biggest intraday decline since July 2022. The stock drop came a day after Newmont posted third-quarter results that missed analysts' estimates on adjusted earnings, costs, and revenue. Newmont fell short of expectations after spending more to dig up the precious metal at its mines in Australia, Canada, Peru, and Papua New Guinea.
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The Denver-based company is the first major gold producer to post results in an earnings season where investors have been anticipating bumper profits from bullion producers. Gold is among the best-performing metals this year, surging more than 30% since the start of January and setting repeated record highs.
"The street expectations were too high," said Carey MacRury, a mining analyst at Canaccord Genuity. "It was negative, no doubt, but I don’t think it's as negative as what the market's telling us today."
Despite the missed expectations, Newmont posted its highest quarterly profits in five years -- raking in $922 million in net income attributable to shareholders for the quarter. ...
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