Newmont Mining Slumps to 52-Week Low After Q1 Earnings Disappoint, Reduces Capex Outlook


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Newmont Mining Corp. ( NEM ) has fallen 6.2% to $31.85, and hit a new 52-week low of $31.33 earlier today, after the company reported Q1 earnings late Monday that missed expectations and reduced its outlook for capital expenditure.

NEM reported Q1 EPS of $0.71 per share, below analyst estimates of $0.79 per share, and lower compared to Q1 2012 EPS of $1.17 per share. Revenues of $2.1 billion were shy of analyst estimates of $2.2 billion, and lower than Q1 2012 revenues $2.6 billion.

Newmont also said its average consolidated costs applicable to sales in the quarter were $758 an ounce of gold, compared with $620 a year earlier. The average of three analysts' estimates compiled by Bloomberg was for $740 an ounce

NEM is lowering its 2013 attributable and consolidated capital expenditure outlook by $100 million to $2.0 to $2.2 billion, and to $2.3 to $2.5 billion, respectively.

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This article appears in: Investing , Commodities

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