Newmont Mining Corp. (NYSE: NEM) reported third-quarter 2015 earnings after markets closed Wednesday. The gold miner posted adjusted earnings per share (EPS) of $0.23 on revenues of $2.03 billion. In the same period a year ago, the company reported EPS of $0.50 on revenues of $1.75 billion. Third-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.17 and $1.93 billion in revenues.

On a GAAP basis Newmont posted third-quarter EPS $0.38. Operating cash flow rose from $328 million in the third quarter of 2014 to $813 million.

Newmont’s average realized price per ounce of gold in the quarter was $1,104, down from $1,270 in the third quarter of 2014. Copper prices were also lower, averaging $1.95 a pound compared with $2.71 a pound in the year-ago quarter.

Gold production of 1.34 million ounces was higher than the 1.15 million ounces produced in the same period last year.

The company’s all-in sustaining cost (AISC) was $835 per ounce of gold in the third quarter, down from $995 per ounce in the same period a year ago. This, combined with higher production, is responsible for Newmont’s profit beat.

Newmont said it remains on track to meet its full-year production outlook for both gold and copper. 2015 gold production attributable to shareholders is expected in the range of 4.55 million to 4.94 million ounces. Copper production is is forecast at 130,000 to 160,000 tons.

The company forecast an all-in sustaining cost of $880 to $940 for the full 2015 fiscal year and attributable gold production of 4.7 million to 5.1 million ounces. Capital spending is forecast at $1.42 billion to $1.63 billion for the year.

Shares of Newmont traded up about 1.6% in after-hours trading Wednesday afternoon, at $19.45 in a 52-week range of $15.39 to $27.90. Thomson Reuters had a consensus analyst price target of around $22.39 before the report. Comex gold settled at $1,176.10 on Wednesday, up 0.9% for the day.

ALSO READ: The Most Popular Brand in Each State

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.