Newmont Mining Corp (NYSE:NEM) has released its earnings report for the fourth quarter of 2016.
Here are a few things to know about Newmont Mining Corp’s earnings report for the fourth quarter of the year.
- NEM reported earnings per share of 25 cents for the quarter.
- This is an increase over its losses per share of 3 cents from the same time last year.
- However, it failed to reach the 33 cents in earnings per share that Wall Street was looking for in the quarter.
- Revenue reported by the mining company was $1.79 billion for the fourth quarter of 2016.
- This is an increase over the company’s revenue of $1.45 billion in the fourth quarter of 2015.
- NEM’s revenue for the fourth quarter of the year also came in above analysts’ estimate of $1.75 billion.
- Newmont Mining Corp reported a net loss of $807 million during the fourth quarter of 2016.
- The company reported a net loss of $358 million in the same period of the year prior.
“Work to optimize our portfolio culminated in the sale of our PTNNT stake for $920 million,” Newmont Mining Corp President and CEO Gary Goldberg said in a statement. “These proceeds helped us retire more than $1.3 billion in debt, improve our liquidity and increase dividends.”
Newmont Mining Corp also says it expects gold production to increase to between 4.9 and 5.4 million ounces in 2017. It notes that a full year of production at Merian and Long Canyon will more than offset declines at Twin Creeks and Yanacocha.
NEM stock was down 3% as of Wednesday evening.
