Gold Miner Newmont Misses Q3 Earnings On Production Decline Due To Strike, Slashes FY23 Guidance
Portfolio Pulse from Lekha Gupta
Newmont Corp (NYSE:NEM) reported a 5% Y/Y decline in Q3 FY23 revenue to $2.49 billion, missing the consensus of $2.90 billion due to lower sales volumes. Gold production declined 13% Y/Y due to lower production at several mines. The company also revised its FY23 gold production outlook to 5.3 million ounces from 5.7 million-6.3 million ounces and increased Gold AISC to $1,400 per ounce. NEM shares are trading lower by 0.03% at $36.75 premarket.
October 26, 2023 | 1:11 pm
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Newmont Corp's Q3 FY23 revenue and gold production missed expectations, leading to a revision of its FY23 outlook. This could negatively impact the company's stock.
Newmont Corp's lower than expected Q3 FY23 revenue and gold production, along with the downward revision of its FY23 outlook, could lead to a decrease in investor confidence, potentially negatively impacting the company's stock price.
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