Newmont Corporation Announces Second Quarter Earnings Results for FY2023
August 3, 2023
🌥️Earnings Overview
NEWMONT CORPORATION ($NYSE:NEM) announced its earnings results for the second quarter of FY2023, ending on June 30 2023. Total revenue for the quarter was reported at USD 2683.0 million, a decrease of 12.3% year-over-year. Net income for the period was USD 155.0 million, which represented a 59.9% decline from the same quarter in the prior year.
Market Price
The earnings report showed a drop in stock price of 6.0%, from the previous closing price of 45.2 to 42.4. This marked the stock’s opening price for the day, as it opened at $43.4. The company’s second quarter performance was largely attributed to higher gold and copper production, as well as increased gold prices.
In addition, the company announced that they had achieved their cost optimization goals and now have a strong financial foundation in place. Overall, Newmont Corporation’s financial results for the second quarter demonstrate a strong commitment to cost containment and efficient operations. Despite the lower stock price, investors are encouraged by the company’s promising outlook for the remainder of the fiscal year. Newmont Corporation remains optimistic about their future prospects and is confident that they will continue to deliver strong returns for shareholders. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Newmont Corporation. More…
| Total Revenues | Net Income | Net Margin |
| 11.2k | -758 | -0.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Newmont Corporation. More…
| Operations | Investing | Financing |
| 2.63k | -2.45k | -1.62k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Newmont Corporation. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 38.13k | 18.72k | 24.24 |
Key Ratios Snapshot
Some of the financial key ratios for Newmont Corporation are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 1.8% | -18.1% | -0.2% |
| FCF Margin | ROE | ROA |
| 2.8% | -0.1% | -0.0% |
Analysis
At GoodWhale, we conducted an analysis of NEWMONT CORPORATION‘s fundamentals and found it to be strong in dividend, medium in asset, profitability and weak in growth according to our Star Chart. We gave NEWMONT CORPORATION a health score of 8/10 considering its cashflows and debt, meaning it is capable to sustain future operations in times of crisis. Based on these results, we have classified NEWMONT CORPORATION as a ‘cow’, a type of company we conclude that has the track record of paying out consistent and sustainable dividends. Investors who are looking for long-term stability and consistent returns may find NEWMONT CORPORATION an attractive investment option. More…
Peers
Newmont Corp is one of the world’s leading gold miners. Its main competitors are Barrick Gold Corp, Agnico Eagle Mines Ltd, and Anglogold Ashanti Ltd. Newmont has a long history of successful gold mining operations, and is one of the largest gold producers in the world.
– Barrick Gold Corp ($TSX:ABX)
Barrick Gold Corporation is a gold mining company that has operations in Argentina, Australia, Canada, Chile, the Dominican Republic, Papua New Guinea, Peru, Saudi Arabia, Tanzania, and the United States. The Company produces and sells gold and copper, with gold mines that include Cortez, Goldstrike, and Turquoise Ridge. Barrick also has a joint venture with Newmont Corporation. The Company’s shares are traded on the Toronto Stock Exchange and the New York Stock Exchange.
– Agnico Eagle Mines Ltd ($TSX:AEM)
Agnico Eagle Mines Ltd is a gold producer with operations in northwestern Quebec, northern Mexico, and Nunavut, Canada. The company has a market cap of 26.78 billion as of 2022 and a return on equity of 4.04%. Agnico Eagle Mines Ltd is a gold producer with operations in northwestern Quebec, northern Mexico, and Nunavut, Canada. The company has a market cap of 26.78 billion as of 2022 and a return on equity of 4.04%.
– Anglogold Ashanti Ltd ($LTS:0HFY)
Anglogold Ashanti Ltd is a gold mining company with a market cap of 5.28B as of 2022. The company has a return on equity of 15.08%. Anglogold Ashanti Ltd is engaged in the exploration, development, and mining of gold properties. The company was founded in 1944 and is headquartered in Johannesburg, South Africa.
Summary
Newmont Corporation reported lower revenue and income for the second quarter of FY2023 compared to the same period in the prior year. Revenue was down 12.3%, reaching USD 2683.0 million, while income was down 59.9%, reaching USD 155.0 million. This decrease in results caused the company’s stock price to move down on the same day. Investing in Newmont Corporation may pose a risk due to their lower quarterly results, and investors should carefully weigh the pros and cons before making any decisions.
