Newmont Mining Earnings Cheat Sheet: Keeping the Profitability Streak Alive

S&P 500 (NYSE:SPY) component Newmont Mining Corporation (Holding Company) (NYSE:NEM) reported its results for the second quarter. Newmont Mining Corp. explores and acquires gold properties and produces copper.

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Newmont Mining Corporation (Holding Company Earnings Cheat Sheet for the Second Quarter

Results: Net income for Newmont Mining Corporation (Holding Company) rose to $387 million (77 cents per share) vs. $382 million (77 cents per share) in the same quarter a year earlier. This marks a rise of 1.3% from the year earlier quarter.

Revenue: Rose 10.7% to $2.38 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: NEM reported adjusted net income of 90 cents per share. By that measure, the company fell short of mean estimate of 99 cents per share. It fell short of the average revenue estimate of $2.49 billion.

Quoting Management: “We were pleased to announce our third dividend increase in the past twelve months. With our average realized gold price increasing by 25% since the second quarter of last year, our dividend has doubled, highlighting our commitment to delivering value to our shareholders,” said Richard O’Brien, President and Chief Executive Officer.

Key Stats:

Revenue has risen the past four quarters. Revenue increased 9.9% to $2.46 billion in the first quarter. The figure rose 1.2% in the fourth quarter of the last fiscal year from the year earlier and climbed 26.7% in the third quarter of the last fiscal year from the year-ago quarter.

The company fell short of forecasts after beating estimates in the previous two quarters. In the first quarter, it topped the mark by 7 cents, and in the fourth quarter of the last fiscal year, it was ahead by 3 cents.

The increase in profit last quarter comes after net income fell in the previous quarter. In the first quarter, net income declined 5.9% to $514 million.

Competitors to Watch: Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), Goldcorp Inc. (NYSE:GG), AngloGold Ashanti Ltd. (NYSE:AU), Kinross Gold Corp. (NYSE:KGC). Royal Gold, Inc. (NASDAQ:RGLD), Barrick Gold Corporation (NYSE:ABX), Allied Nevada Gold Corp. (AMEX:ANV), Vista Gold Corp. (AMEX:VGZ), Paramount Gold and Silver Corp. (AMEX:PZG), Midway Gold Corp. (AMEX:MDW), Newmont Mining Corporation (NYSE:NEM), Jaguar Mining Inc. (NYSE:JAG), ishares Gold Trust (NYSE:GLD) and Gold Reserve Inc. (AMEX:GRZ).

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(Source: Xignite Financials)

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