Summary
Newmont Corporation (NEM) reported its first quarter 2022 financial results, showing a decrease in net income attributable to stockholders to $448 million ($0.56 per diluted share) from $559 million ($0.70 per diluted share) in the same period of 2021. This decline was primarily driven by lower gold sales volume, increased costs applicable to sales, a non-cash pension settlement charge, and a loss on the sale of an equity investment. Despite these headwinds, sales revenue saw a modest increase to $3,023 million from $2,872 million year-over-year, supported by higher realized metal prices across most commodities, particularly copper and zinc. Operationally, the company experienced a decrease in consolidated gold production due to lower throughput and grades, alongside higher costs applicable to sales per ounce. However, diversification into other metals like copper and zinc contributed positively. Newmont continued its strategic transactions, including the acquisition of Buenaventura's stake in Yanacocha and the sale of its interest in La Zanja. The company maintained a strong liquidity position with significant cash and cash equivalents and available credit facilities, supporting its commitment to dividends and share repurchases.
Financial Highlights
47 data points| Revenue | $3.02B |
| R&D Expenses | $44.00M |
| Operating Expenses | $2.22B |
| Operating Income | $432.00M |
| Net Income | $448.00M |
| EPS (Basic) | $0.56 |
| EPS (Diluted) | $0.56 |
| Shares Outstanding (Basic) | 793.00M |
| Shares Outstanding (Diluted) | 794.00M |
Key Highlights
- 1Net income attributable to Newmont stockholders decreased by 19.8% to $448 million in Q1 2022, compared to $559 million in Q1 2021.
- 2Diluted EPS fell to $0.56 in Q1 2022 from $0.70 in Q1 2021.
- 3Total sales increased by 5.2% to $3,023 million in Q1 2022, up from $2,872 million in Q1 2021.
- 4Costs applicable to sales increased by 15.1% to $1,435 million in Q1 2022.
- 5The company completed the acquisition of Buenaventura's stake in Yanacocha and sold its interest in La Zanja during the quarter.
- 6Consolidated gold production decreased by 8% year-over-year.
- 7Newmont maintained strong liquidity with $4,272 million in cash and cash equivalents and $3,000 million in undrawn revolving credit facility capacity at the end of Q1 2022.