Newmont Q1 2023 Earnings Report
Key Takeaways
Newmont Corporation announced first quarter 2023 results, delivering expected production and generating nearly $1.0 billion in adjusted EBITDA. The company sold common shares of Triple Flag Precious Metals Corporation for $179 million and declared a first quarter dividend of $0.40 per share.
Delivered First Quarter Production as Expected; Improving Production in Second Quarter
Generated $481 million of cash from continuing operations and reported $(45) million of Free Cash Flow
Reported Net Income of $363 million, with Adjusted Net Income (ANI) of $0.40 per share and Adjusted EBITDA of $990 million
Ended the quarter with $2.7 billion of consolidated cash, $797 million of short-term time deposits and $6.5 billion of liquidity
Newmont
Newmont
Newmont Revenue by Segment
Forward Guidance
Newmont anticipates increasing gold production and continued investment in operating assets and growth prospects.
Positive Outlook
- Higher milling rates expected in the second quarter, with continued recovery from the first quarter rainfall event at Tanami
- Higher grades expected in the second quarter at Boddington
- Stripping expected to begin in the second half of the year at Boddington
- Higher grades expected in the second quarter due to the planned mine sequence and the progression of work at Subika Underground at Ahafo
- Higher grades expected in the second quarter due to the planned mine sequence at Akyem
Challenges Ahead
- Lower production expected in the second quarter due to the planned mine sequence resulting in lower grades from the Chile Colorado pit at Peñasquito
- 2023 outlook projections are considered forward-looking statements and represent management’s good faith estimates or expectations of future production results.
- Outlook is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions.
- Assumptions used for purposes of Outlook may prove to be incorrect and actual results may differ from those anticipated, including variation beyond a +/-5% range.
- Outlook cannot be guaranteed.