Newmont Profit Tops Estimates After Gold Prices Increase
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Newmont Mining Corp., the largest U.S. gold producer, reported fourth-quarter earnings that beat analysts’ estimates after taxes were lower than expected.
Net income was $673 million, or $1.36 a share, compared with a loss of $1.03 billion, or $2.02, a year earlier, Greenwood Village, Colorado-based Newmont said yesterday in a statement. Earnings excluding an income-tax benefit and other one-time items were $1.11 a share, beating the 97-cent average of 18 estimates compiled by Bloomberg. Sales fell 11 percent to $2.48 billion.