third-quarter earnings rose slightly from a year ago as the company sold a lower volume of gold at higher prices and posted a big jump in base-metal sales.
The Denver mining concern earned $128.8 million, or 29 cents a share, in the three months to Sept. 30, compared with earnings of $114.4 million, or 28 cents a share, last year. Revenue rose 32% from a year ago to $1.16 billion, reflecting a 2% decline in gold revenue to $889.6 million and base-metal sales that rose to $273.1 million in the latest quarter from $10.2 million last year.
Analysts surveyed by Thomson First Call had been forecasting earnings of 25 cents a share on revenue of $1.17 billion in the quarter. The stock was recently up 12 cents to $47.91.
In the third quarter, Newmont said it sold 1,734,700 ounces of gold, down 16% from a year ago, at an averaged realized price of $404 an ounce, up 10% from a year ago. Third-quarter exploration, research and development expenditures were $54.1 million, compared with $30.6 million in the year-ago quarter.
For all of 2004, Newmont forecast gold sales of about 7 million equity ounces at total cash costs of approximately $230 to $235 per ounce.