Newmont's Earnings and Revenues Surpass Estimates in Q4

Core Viewpoint - Newmont Corporation (NEM) reported significant improvements in its fourth-quarter 2024 financial performance, with net earnings per share turning positive compared to a loss in the previous year, driven by increased revenues and gold production [1][5]. Financial Performance - Fourth-quarter net earnings from continuing operations were $1.24 per share, a recovery from a loss of $3.24 per share in the same quarter last year [1]. - Adjusted earnings were $1.40 per share, up from 46 cents in the prior-year quarter, exceeding the Zacks Consensus Estimate of 95 cents [1]. - Revenues for the fourth quarter reached $5,652 million, a 42.8% increase from $3,957 million in the prior-year quarter, surpassing the Zacks Consensus Estimate of $4,881 million [2]. Operational Highlights - Attributable gold production in the fourth quarter was 1.90 million ounces, a 9.2% increase year over year, exceeding the estimate of 1.8 million ounces [3]. - Average realized gold prices rose approximately 31.9% year over year to $2,643 per ounce, although slightly below the estimate of $2,652 per ounce [3]. - Costs applicable to sales for gold were $1,096 per ounce, up 0.9% year over year, exceeding the estimate of $1,050 per ounce [3]. Cost Metrics - All-in-sustaining costs (AISC) for gold decreased by around 1.5% year over year to $1,463 per ounce, which was below the estimate of $1,475.2 per ounce [4]. Annual Results - For FY 2024, adjusted earnings were $3.48 per share compared to $1.57 a year ago, with net sales increasing 58% year over year to $18,682 million [5]. Financial Position - The company ended the quarter with cash and cash equivalents of $3,619 million, a 20.6% increase year over year [6]. - Long-term debt stood at $7,552 million, an 8.6% increase year over year [6]. - Net cash from continuing operations (before working capital) was $2,398 million, up from $787 million a year ago [6]. Future Outlook - Attributable gold production for 2025 is forecasted at approximately 5.9 million ounces, with AISC projected at $1,630 per ounce for the total portfolio [7]. - The Total Tier 1 portfolio is expected to spend around $1.8 billion on sustaining capital and $1.3 billion on development capital in 2025 [8]. Stock Performance - Newmont's shares have increased by 55.7% over the past year, compared to the industry's growth of 57.5% [9].