Gold producer Newmont Mining Corporation ( NEM ) on Tuesday said its third quarter profit jumped 38% from last year, helped by record gold selling prices.
The Greenwood Village, CO-based company reported third quarter net income of $537 million, or $1.07 per share, compared with $388 million, or 79 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was $1.08 per share.
Sales jumped 27% from last year to $2.6 billion.
On average, Wall Street analysts expected a much lower profit of 95 cents per share, on smaller sales of $2.34 billion.
Newmont Mining shares rose 74 cents, or +1.2%, in premarket trading Tuesday.
The Bottom Line
Shares of Newmont Mining ( NEM ) have a .98% dividend yield, based on last night's closing stock price of $61.23. The stock has technical support in the $55-$58 price area. If the shares can firm up, we see overhead resistance around the $67 price level.
Newmont Mining Corporation ( NEM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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