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Newmont Mining’s Profit Surges on Higher Gold Prices (NEM)

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.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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