Newmont Mining shares fall on 3Q miss
Newmont Mining Corp.'s shares fell in trading Friday after the largest gold producer in the U.S. reported disappointing third-quarter results.
THE SPARK: Newmont said Tuesday that its net income dropped 26 percent to $367 million, or 74 cents per share. That's down from $493 million, or 98 cents per share, in the third quarter last year. It earned 86 cents per share on an adjusted basis, missing the 88 cents per share that analyst polled by FactSet had forecast.
Its revenue fell nearly 10 percent to $2.48 billion; analysts were expecting $2.52 billion.
Newmont also said it expects its production for the full year will be at the low end of its forecasts for both gold and copper.
THE BIG PICTURE: Newmont said that its gold and copper production and sales were down by comparison the prior year. It also said its costs for producing each ounce of gold and copper were higher than last year.
The company, based in Denver, has mines around the world.
Newmont said that stronger production from mines in Nevada and Peru offset weaker production from its Asia Pacific region.
SHARE ACTION: Newmont's shares fell $3.44, more than 6 percent, to $49.79 by early afternoon. Its stock is at the low end of its 52-week trading range of $42.95 to $72.42.