$Newmont (NEM.US)$$Newmont Corp (NEM.AU)$ shares are trading higher after the company reported first-quarter FY24 results.
Revenue reached $4.023 billion, above the consensus of $3.670 billion.
Gold production fell 4% Y/Y to 1.675 million ounces due to lower output at Tanami on planned mill shutdown and seasonal rainfall impacts and the ongoing stripping campaigns at Boddington and Akyem.
Gold Costs Applicable to Sales (CAS) stood at $1,057 per ounce, and gold All-In Sustaining Costs (AISC) came in at $1,439 per ounce.
Adjusted EBITDA rose 23% Q/Q to $1.694 billion in the quarter. Adjusted EPS of $0.55, beating the consensus of $0.36.
Capital expenditure decreased 8% Q/Q to $850 million, and operating cash flow rose 26% from the prior quarter to $776 million.
As of March 31, 2024, Newmont had cash and cash equivalents of $2.34 billion.
Dividend: The company declared a dividend per share of $0.25 for the first quarter of FY24, payable on June 27 to shareholders of record on June 4.
FY24 Outlook: The company reaffirms its outlook for gold production of around 6.9 million ounces and Gold AISC of $1,400 per ounce.
Newmont expects Tanami Expansion 2 development capital spending of $1.7 billion-$1.8 billion, with commercial production expected in the second half of 2027.
The company delivered $105 million in synergies to-date related to the Newcrest transaction and is on track to deliver an expected $500 million in synergies by the end of 2025.
Investors can gain exposure to the stock via $Ishares Inc Msci Global Gold Miners Etf (RING.US)$ and $VanEck Gold Miners Equity ETF (GDX.US)$.
Price Action: NEM shares are up 11.4% at $43.01 at the last check Thursday.
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