Newmont Mining posts higher 3Q earnings

Newmont posts higher 3rd-quarter earnings but revenue falls amid lower copper, gold prices

Associated Press

NEWS: Newmont Mining Corp. said Thursday that its third-quarter net income grew despite lower revenue as the gold and copper mining company reduced expenses. The latest quarter also benefited from a one-time gain from the sale of the company's interest in Canadian Oil Sands Ltd.

DETAILS: Newmont Mining said that the quarter's results were boosted by higher production from its operations in Nevada, as well as Australia and New Zealand. But this was offset by declines in gold and copper prices.

NUMBERS: It earned $408 million, or 82 cents per share, in the July-September period. That's up from earnings of $367 million, or 74 cents per share, in the same period a year earlier. Adjusted earnings excluding items including a $243 million gain from asset sales were $227 million, or 46 cents per share, in the latest quarter. That was down from $426 million, or 85 cents a share, a year ago.

Revenue fell 20 percent to $1.98 billion from $2.48 billion.

Analysts, on average, were expecting adjusted earnings of 32 cents per share on revenue of $1.99 billion, according to a poll by FactSet.

STOCK: Shares of the Denver-based company rose 24 cents to $27.50 in after-hours trading. The stock had closed down 78 cents, or 2.8 percent, at $27.26 before the release of the earnings report.

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