Newmont Corporation Released Disappointing First-Quarter Earnings

Apr 22, 2022 By MarketDepth

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Newmont Corporation (NYSE: NEM), disclosed disappointing first-quarter earnings Friday amid lower gold sales volumes. Additionally, miners have been experiencing labor disruptions and other restrictions following the breakout of the Omicron coronavirus variant, that have impacted the industry.

Revenue Lower than Expected

The World’s largest gold mining company reported earnings of USD0.69 per share, compared to the expected USD0.73 a share. Revenue amounted to USD3.02 Billion, lower than analysts anticipated USD3.06 Billion.

“Newmont delivered a solid first quarter performance with $1.4 billion in adjusted EBITDA as we safely managed through the Omicron surge. The strength of our proven operating model and global portfolio in the world’s best mining jurisdictions is the foundation of Newmont’s clear and consistent strategy to create value and improve lives through sustainable and responsible mining. In April, we published our 18th Annual Sustainability Report, which provides a transparent look at our ESG performance and the issues and metrics that matter most to our stakeholders. As a values-based organization and the gold sector’s recognized sustainability leader, Newmont has a long history of leading change in our approach to ESG and our core values are fundamental to how we run our business and where we choose to operate.”

Newmont share have risen approximately 24.3% throughout the year and have a current market cap of USD59.10 Billion.