Newmont Corp reports record third-quarter adjusted earnings

Newmont Corp, the world’s largest gold miner, reported record third-quarter adjusted net income of $2.3 billion, or $2.20 per diluted share. Revenue for the quarter rose 15% year-over-year to $6.36 billion, while adjusted EBITDA reached $4 billion.

The company produced approximately 1.3 million ounces of gold during the quarter, alongside 11 million ounces of silver and 23,000 tonnes of copper. Newmont reaffirmed its full-year gold production guidance of 5.3 million ounces and noted an improved full-year cost outlook. The average realized gold price for sales was $4,317 per ounce, a decrease of $97 from the previous quarter but a 22% increase from a year ago.

Financially, Newmont generated $1.9 billion in free cash flow and ended the quarter with $3.2 billion in net cash. The company has also utilized $1.6 billion for share buybacks since its last earnings call, with $2.8 billion in remaining capacity under its current plan.