By Dave Sebastian
Newmont Corp. said profit fell for the first quarter despite sales rising as it booked an income and mining tax expense.
The gold-mining company Thursday posted net income attributable to shareholders of $559 million, compared with $822 million a year earlier. Earnings were 70 cents a share, compared with $1.02 a share.
The company said it booked an income and mining tax expense of $235 million, compared with a benefit of $23 million a year earlier. It also recognized gains on the sales of Kalgoorlie, Red Lake and investment holdings in Continental Gold Inc. in the prior year.
Adjusted earnings were 74 cents a share. Analysts polled by FactSet were expecting 79 cents a share.
Sales rose to $2.87 billion from $2.58 billion because of higher average realized metal prices, partially offset by lower sales volumes, the company said. Analysts were looking for $3.18 billion.
Attributable gold production was 1.46 million ounces, compared with 1.48 million ounces a year earlier. Gold all-in sustaining costs were $1,039 per ounce, compared with $1,030 per ounce, the company said.
The company said it incurred incremental Covid-specific costs of $22 million for activities such as health and safety procedures, higher transportation and community-fund contributions.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
04-29-21 0734ET