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Newmont Corporation (NEM - Free Report) reported a net loss from continuing operations of $1.87 per share in fourth-quarter 2022 compared with a loss of 8 cents reported in the year-ago quarter.
Barring one-time items, adjusted earnings were 44 cents per share compared with 78 cents reported in the prior-year quarter. It lagged the Zacks Consensus Estimate of 47 cents.
NEM’s revenues for the fourth quarter were $3,200 million, down 6% from $3,390 million reported in the prior-year quarter. The figure beat the Zacks Consensus Estimate of $2,920.6 million. The top line decreased year over year partly due to lower realized prices for gold. Higher costs also weighed on its performance.
Newmont Corporation Price, Consensus and EPS Surprise
Newmont's attributable gold production in the fourth quarter was in line with the prior-year figure and came in at 1.63 million ounces.
Average realized prices of gold fell around 2% year over year to $1,758 per ounce.
The company’s costs applicable to sales (CAS) for gold were $940 per ounce, up 17% year over year.
All-in-sustaining costs (AISC) for gold were up around 15% year over year to $1,215 per ounce.
2022 Results
Earnings, as adjusted, for 2022 were $1.85 per share compared with $2.96 a year ago. Net sales declined 3% to $11,915 million.
Financials
The company ended the quarter with cash and cash equivalents of $2,877 million, down 42% year over year. At the end of the quarter, the company had long-term debt of $5,571 million, up 0.12% year over year.
Net cash from continuing operations amounted to $1,010 million for the reported quarter.
Outlook
For 2023, Newmont expects attributable gold production of 5.7-6.3 million ounces. The company also expects gold CAS between $870 and $970 per ounce, and AISC within $1,150-$1,250 per ounce.
Price Performance
Newmont’s shares have lost 33.7% in the past year compared with an 8.5% decline of the industry.
Alpha Metallurgical’s shares have gained 82.2% in the past year. The Zacks Consensus Estimate for AMR’s current-year earnings has been revised 1.7% upward in the past 60 days. The company has an earnings growth rate of 425% for the current year.
Alpha Metallurgical topped Zacks Consensus Estimate in two of the last four quarters. It delivered a trailing four-quarter earnings surprise of 1.1%, on average.
ATI’s shares have gained 69.8% in the past year. The Zacks Consensus Estimate for ATI’s current-year earnings has been revised 0.9% upward in the past 60 days. The company has an earnings growth rate of 8% for the current year.
ATI topped Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 32.4%, on average.
Nucor’s shares have gained 35.2% in the past year. The Zacks Consensus Estimate for NUE’s current-year earnings has been revised 12.5% upward in the past 60 days.
Nucor topped Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 7.7%, on average.
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Newmont's (NEM) Q4 Earnings Lag, Revenues Beat Estimates
Newmont Corporation (NEM - Free Report) reported a net loss from continuing operations of $1.87 per share in fourth-quarter 2022 compared with a loss of 8 cents reported in the year-ago quarter.
Barring one-time items, adjusted earnings were 44 cents per share compared with 78 cents reported in the prior-year quarter. It lagged the Zacks Consensus Estimate of 47 cents.
NEM’s revenues for the fourth quarter were $3,200 million, down 6% from $3,390 million reported in the prior-year quarter. The figure beat the Zacks Consensus Estimate of $2,920.6 million. The top line decreased year over year partly due to lower realized prices for gold. Higher costs also weighed on its performance.
Newmont Corporation Price, Consensus and EPS Surprise
Newmont Corporation price-consensus-eps-surprise-chart | Newmont Corporation Quote
Operational Highlights
Newmont's attributable gold production in the fourth quarter was in line with the prior-year figure and came in at 1.63 million ounces.
Average realized prices of gold fell around 2% year over year to $1,758 per ounce.
The company’s costs applicable to sales (CAS) for gold were $940 per ounce, up 17% year over year.
All-in-sustaining costs (AISC) for gold were up around 15% year over year to $1,215 per ounce.
2022 Results
Earnings, as adjusted, for 2022 were $1.85 per share compared with $2.96 a year ago. Net sales declined 3% to $11,915 million.
Financials
The company ended the quarter with cash and cash equivalents of $2,877 million, down 42% year over year. At the end of the quarter, the company had long-term debt of $5,571 million, up 0.12% year over year.
Net cash from continuing operations amounted to $1,010 million for the reported quarter.
Outlook
For 2023, Newmont expects attributable gold production of 5.7-6.3 million ounces. The company also expects gold CAS between $870 and $970 per ounce, and AISC within $1,150-$1,250 per ounce.
Price Performance
Newmont’s shares have lost 33.7% in the past year compared with an 8.5% decline of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Newmont currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks to consider in the basic materials space are Alpha Metallurgical Resources, Inc. (AMR - Free Report) , ATI Inc. (ATI - Free Report) and Nucor Corporation (NUE - Free Report) . ATI and NUE currently sport a Zacks Rank #1 (Strong Buy), while AMR carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Alpha Metallurgical’s shares have gained 82.2% in the past year. The Zacks Consensus Estimate for AMR’s current-year earnings has been revised 1.7% upward in the past 60 days. The company has an earnings growth rate of 425% for the current year.
Alpha Metallurgical topped Zacks Consensus Estimate in two of the last four quarters. It delivered a trailing four-quarter earnings surprise of 1.1%, on average.
ATI’s shares have gained 69.8% in the past year. The Zacks Consensus Estimate for ATI’s current-year earnings has been revised 0.9% upward in the past 60 days. The company has an earnings growth rate of 8% for the current year.
ATI topped Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 32.4%, on average.
Nucor’s shares have gained 35.2% in the past year. The Zacks Consensus Estimate for NUE’s current-year earnings has been revised 12.5% upward in the past 60 days.
Nucor topped Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 7.7%, on average.