By Dean Seal


Newmont Corp. on Monday said profit fell in the second quarter and reported adjusted earnings that missed market expectations, as higher labor and fuel costs ate into its slightly lower sales.

The gold-mining company posted net income of $387 million, down from $650 million a year earlier. Earnings were 49 cents a share, compared with 81 cents a share, it said.

Stripping out changes in the fair value of investments and other one-time items, adjusted earnings were 46 cents a share. Analysts surveyed by FactSet had been expecting adjusted earnings of 66 cents a share.

Revenue was $3.06 billion, compared with $3.07 billion a year earlier and in line with analyst expectations.

The Denver-based company said attributable gold production increased 3% to $1.5 million ounces, at an all-in sustaining cost of $1,199 an ounce, up from $1,035 a year earlier.

Earnings were negatively affected during the quarter by higher labor, materials and consumables costs, higher fuel and energy expenses, and a $70 million charge related to the profit-sharing agreement it entered into in early July with the workforce of its Penasquito mine in Zacatecas, Mexico.

Shares slipped 2.9% to $49.88 in premarket trading Monday.


Write to Dean Seal at dean.seal@wsj.com


(END) Dow Jones Newswires

07-25-22 0759ET