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4-Traders Homepage  >  Equities  >  Nyse  >  Newmont Mining Corp    NEM

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Newmont Mining Corp : Newmont Mining Swings to 4th-Quarter Profit After Year-Ago Write-Down

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02/22/2013 | 12:28am CET
   By Nathalie Tadena 
 

Newmont Mining Corp. (NEM) swung to a fourth-quarter profit as a large write-down weighed on the gold-mining company's year-ago results.

Shares were up 2.3% to $41.50 after hours as adjusted earnings topped analyst expectations.

Newmont, the world's second-biggest gold producer after Barrick Gold Corp. (ABX, ABX.T), had posted weaker bottom-line results in recent quarters, hurt by lower production and higher costs, as well as write-downs and other one-time charges.

The latest period included a $58 million write-down of property, plant and mine development, compared with a $2.08 billion write-down a year earlier.

The company backed its full-year gold and copper production targets. Gold production this year is expected to remain roughly flat, while copper production is expected to grow from last year.

The company, which serves as the project manager for the troubled $5 billion Minas Conga copper-and-gold project in northern Peru, is up against antimining activists who are demanding the government shut down the project, saying it threatens water supplies.

Newmont reported a fourth-quarter profit $673 million, compared with a year-earlier loss of $1.03 billion. Excluding write-downs and other adjustments, per-share earnings fell to $1.11 from $1.14. Revenue slipped 10% to $2.48 billion.

Analysts polled by Thomson Reuters had expected earnings of 97 cents a share and revenue of $2.67 billion.

Attributable gold production slipped 1.3% to 1.3 million ounces, while attributable copper output slipped 22% to 35 million pounds. The average realized price for gold was $1,700 an ounce, while the average realized price for copper was $3.22 a pound.

The stock is off 14% over the past three months.

Write to Nathalie Tadena at nathalie.tadena@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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Financials ($)
Sales 2017 7 091 M
EBIT 2017 1 509 M
Net income 2017 725 M
Debt 2017 966 M
Yield 2017 0,56%
P/E ratio 2017 26,02
P/E ratio 2018 25,00
EV / Sales 2017 2,83x
EV / Sales 2018 2,70x
Capitalization 19 107 M
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 39,9 $
Spread / Average Target 11%
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Managers
NameTitle
Gary J. Goldberg President, Chief Executive Officer & Director
Noreen Doyle Independent Non-Executive Chairman
Tom Palmer Chief Operating Officer & Executive Vice President
Nancy K. Buese Chief Financial Officer & Executive Vice President
James Zetwick Chief Information Officer & Vice President
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Sector and Competitors
1st jan.Capitalization (M$)
NEWMONT MINING CORP9.89%19 107
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AGNICO EAGLE MINES LTD5.88%10 212
SHANDONG GOLD MINING C..1.94%9 992
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