Newmont Mining
The largest U.S. gold producer reported a fourth-quarter loss because of a $1.61 billion asset-impairment charge on the Hope Bay project in Canada.
The net loss was $1.03 billion, which compared with net income of $812 million a year earlier, Greenwood Village-based Newmont said Thursday.
Earnings excluding the asset-impairment charge and other one-time items were $1.17 a share, the company said. That trailed the $1.28 average of 12 analysts’ estimates compiled by Bloomberg.
Molycorp
The Greenwood Village-based rare-earth miner posted a fourth-quarter profit on surging sales volume and selling prices, as the company sees strong demand trends for magnets and from the automobile industry.
On Thursday, Molycorp reported a profit of $26.6 million, or 26 cents a share, compared with a prior-year loss of $7.9 million, or 10 cents a share. Excluding stock-based compensation and other impacts, adjusted earnings grew to 41 cents from 3 cents, matching analyst expectations. Revenue soared to $132.9 million from $21.7 million a year ago.
Target
Fourth-quarter earnings fell 5.2 percent because of sluggish holiday sales. But the retailer said Thursday that its business has rebounded since then and offered a full-year profit outlook that exceeded Wall Street estimates.
The company said revenue rose 3.3 percent to $20.94 billion. Revenue at stores opened at least a year — an indicator of a retailer’s health — rose 2.2 percent in the fourth quarter.
Safeway
Chief executive Steve Burd said gasoline prices will need to subside before its supermarkets can staunch their declining sales volumes.
Safeway reported a profit of $215.6 million, or 67 cents a share, in the fourth quarter, compared with a year-earlier profit of $229.6 million, or 62 cents a share. Revenue rose 6.2 percent to $13.6 billion in the quarter.
