For the full year, Newmont posted EPS of $1.09 on revenues of $7.29 billion, compared with EPS of $1.59 and revenues of $8.32 billion in 2013. Analysts had estimated EPS of $1.06 on revenues of $7.11 billion.
On a GAAP basis, Newmont posted fourth-quarter EPS $0.08 per share, which included a loss from discontinued operations, asset sales and tax valuation allowances related primarily to Newmont’s sale of its stake in a joint venture.
Newmont’s average realized price per ounce of gold in the quarter was $1,194, down from $1,267 in the fourth quarter of 2013. For the year the company’s average realized price came to $1,258, down from $1,393 in 2013. Copper prices were also lower.
Gold production dropped from 1.45 million ounces in the fourth quarter of 2013 to 1.26 million ounces, primarily due to the impact of divestments. Ignoring the impact of divestments, production for the quarter and the year was in line with the prior periods. In 2014 Newmont produced 4.85 million ounces of gold.
The company’s all-in sustaining cost (AISC) was $927 per ounce of gold in the fourth quarter, down from $1,043 per ounce in the same period a year ago. For the year the AISC dropped from $1,113 in 2013 to $1,002 per ounce.
Gold production is forecast to rise “steadily” from a range of 4.6 to 4.9 million ounces in 2015 to a range of 4.7 million to 5.1 million ounces by 2017. AISC is expected to dip from a range of $960 to $1,020 an ounce in 2015 to a new range of $925 to $1,025 an ounce by 2017.
Shares of Newmont were up about 1% in after-hours trading Thursday afternoon, at $24.70 in a 52-week range of $17.60 to $27.40. Thomson Reuters had a consensus analyst price target of around $23.80 before the report. Comex gold settled at $1,207.60 per ounce on Thursday, up 0.6% for the day.
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