Newmont Corp. Slips On Lower Q2 Earnings, Outlook
Shares of gold mining company Newmont Corporation (NEM) are down more than 10% Monday morning after reporting lower earnings in the second quarter. The company also reduced its full-year production outlook.
Net income from continuing operations was $379 million or $0.48 per diluted share, a decrease of $261 million from the prior year quarter, primarily due to higher costs.
Excluding one-time items, earnings were $362 million or $0.46 per share.
Revenue remained flat at $3.1 billion compared to the prior year quarter.
Looking forward, the company has cut its gold production outlook to 5.9 Moz from 6.1 Moz provided earlier.
NEM, currently at $46.12, touched a new low of $45.91 this morning.
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