RE:newmont delivers in the 2nd quarter Newmont generates $594 million in free cash flow in Q2
Kitco News) - The world’s biggest gold producer continues to fire on all cylinders as robust production and higher gold prices drive earnings in the second quarter of 2024.
On Wednesday, after the North American equity close, Newmont Corporation (NYSE: NEM) reported adjusted net income of $834 million, or $0.72 per diluted share, compared to $630 million, or $0.55 per diluted share, in the prior quarter.
Newmont’s earnings significantly beat consensus forecasts as analysts were looking for $0.62 per share.
Looking at gold production, the senior producer said that production was down 4% compared to the first quarter. However, it was sharply higher compared to the second quarter of last year. Between April and June, attributable gold production rose to 1.61 million ounces, compared to 1.24 million ounces a year earlier.
Meanwhile, gold prices are sharply higher. Newmont said that its average realized gold price in the second quarter was $2,347 an ounce, up from $2,090 an ounce seen in the first three months of 2024. Prices were up more than 19% from the second quarter of 2023.
https://www.kitco.com/news/article/2024-07-24/newmont-generates-594-million-free-cash-flow-q2