Newmont Mining Corp. (NYSE: NEM) reported Thursday that it posted a large boost in its fiscal fourth quarter due to a surge in gold and copper prices, according to Associated Press.
Newmont earned $558 million, or $1.13 per share, compared with $4 million, or a penny a share, during the same period last year.
Adjusted profit was $1.14 per share, easily beating the 79 cents-per-share estimate of analysts surveyed by Thomson Reuters. These estimates normally exclude one-time items.
Xplosive Stocks, an online financial publication, provides investors timely stock market information.
Sign Up Today for our Free Stock Newsletter
Revenue for the three months ended Dec. 31 jumped 90 percent to $2.52 billion from $1.33 billion. The results beat Wall Street expectations of $2.02 billion.
The average realized gold price was $1,102 per ounce, while the average realized copper price was $3.24.
Newmont had equity gold sales of 1.5 million ounces at costs applicable to sales of $413 per ounce during the quarter. Equity copper sales were 72 million pounds at costs applicable to sales of 0.64 per pound.
For the year, profit rose to $1.3 billion, or $2.66 per share, from $831 million, or $1.83 per share, in the prior year. Adjusted earnings were $2.79 per share.
Annual revenue grew 26 percent to $7.71 billion from $6.12 billion.
Sign up for the free Xplosive Stocks newsletter. Investors interested in receiving small cap stock alerts through the penny stock newsletter published by Xplosive Stocks can sign up for free by visiting our website.
About Us
Xplosive Stock is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We focus on Xplosive Stocks and track small cap companies that are on the brink of a financial breakout. To feature a company on our website please contact us at the email listed below.
Please click here to read the full disclaimer.
