Denver-based Newmont Mining, one of the world’s largest gold producers, on Thursday reported that first-quarter profits plunged 48 percent on lower realized gold and copper prices.
However, its adjusted earnings beat Wall Street expectations.
The company reported quarterly earnings of $189 million, or 40 cents per share, compared with $365 million, or 80 cents per share, during the same period last year.
Newmont’s first-quarter charges included job cuts and acquisition of the Boddington mine in Australia, totaling a reduction of 4 cents per share. Excluding one-time items, adjusted net income amounted to $208 million, or 44 cents per share.
Analysts surveyed by Thomson Reuters expected profit of 42 cents a share. Revenue fell 20 percent to $1.55 billion from $1.94 billion during the prior- year period. Analysts, on average, forecast revenue of $1.4 billion.
Gargi Chakrabarty: 303-954-2976 or gchakrabarty@denverpost.com
