Key Takeaways:
(Bloomberg) -- Newmont Corp. posted first-quarter adjusted earnings of $2.90 a share, handily beating Wall Street estimates as the gold mining giant benefited from record-high prices for the precious metal. The results mark the sixth consecutive quarter of earnings and revenue beats for the company.
"Our strong first-quarter performance is a testament to our team's focus on safety and operational excellence," Newmont CEO Tom Palmer said in a statement. "We are well-positioned to meet our full-year guidance and continue to deliver value to our shareholders."
The Denver-based company reported a 46% increase in revenue to $7.31 billion, exceeding the consensus estimate of $6.57 billion. Gold sales accounted for $6.04 billion of that total, up 42% from the same period a year ago. The company’s average realized gold price for the quarter was $4,900 an ounce, a 16% increase from the fourth quarter.
Shares of Newmont, the world’s largest gold producer, rose 1.6% in after-hours trading and are up 11% year-to-date. The strong performance comes as gold futures have climbed 8.8% this year, although they have retreated 12% from a record high of $5,354.80 an ounce on January 29.
Newmont confirmed it is on track to meet its full-year 2026 production guidance of approximately 5.3 million gold ounces. The company also plans to invest $1.4 billion in its most profitable near-term projects, including two operations in Australia.
The positive results from Newmont contrast with the performance of fellow mining behemoth Freeport-McMoRan, which saw its stock sink 12% after reporting lower gold and copper sales due to production delays at its mine in Indonesia.
The strong earnings from Newmont highlight the significant impact of gold prices on the profitability of mining companies. As investors navigate market volatility and geopolitical tensions, gold has remained a key focus. The VanEck Gold Miners ETF (GDX) is up over 15% in 2026.
The guidance confirmation from Newmont suggests that management is confident in the continued strength of the gold market. Investors will be closely watching the company's Q2 earnings call in July for any updates on its capital spending and production forecasts.
This article is for informational purposes only and does not constitute investment advice.
