NEM shares climb 1.3% pre-market after adjusted earnings beat expectations and revenue grew 15% year-over-year.
Newmont reported Q2 adjusted earnings and revenue of $6.12 billion, a 15% increase from the same period last year, despite lower average gold prices. Profit rose to $2.2 billion, or $2.06 per share, up from $2.06 billion, or $1.85 per share, in Q2 2023.
The company’s performance exceeded expectations, with adjusted earnings improving year-over-year. Revenue growth was driven by higher production volumes, offsetting the impact of weaker gold prices compared to the prior quarter.
Shares of Newmont rose 1.3% in pre-market trading following the earnings release.