Gold producer Newmont Mining Corp. ( NEM ) late Thursday posted lower-than-expected third quarter earnings results, as its output of precious metals declined amid higher costs and lower selling prices.
The Greenwood Village, CO-based company reported third quarter net income of $367 million, or 74 cents per share, compared with $493 million, or 98 cents per share, in the year-ago period. Excluding one-time charges, adjusted profit was 85 cents per share.
Revenue slipped 9.6% from last year to $2.48 billion.
On average, Wall Street analysts expected a higher profit of 91 cents per share, on larger revenue of $2.52 billion.
Newmont Mining shares fell $1.00, or -1.9%, in premarket trading Friday.
Newmont Mining Corp. ( NEM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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