Newmont (NEM) Stock Drops on Q2 Profit Miss

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Newmont $NEM #stock is taking a beating on Monday after the #gold mining company reported results for the second quarter of 2022.

The first bit of bad news is the company’s adjusted earnings per share of 46 cents. That’s well below the 61 cents per share that Wall Street was expecting for the quarter. Also, it’s a major drop from the 83 cents per share reported during the same time last year.

When it comes to revenue, Newmont reported $3.06 billion for the second quarter of the year. That just barely beats out the $3.04 billion that analysts were looking for during the period. It’s also a slight decrease from the $3.07 billion reported in the same period of the year prior.

According to Newmont, its earnings for the second quarter of 2022 were negatively affected by higher Costs Applicable to Sales (CAS). It attributes this to inflation, as well as the Peñasquito profit-sharing agreement it entered into in the second quarter of the year.

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The earnings report also includes the following outlook warning from Newmont.

“Newmont’s updated 2022 outlook includes 6.0 million ounces of attributable gold production and 1.3 million gold equivalent ounces from copper, silver, lead and zinc. The revised outlook for attributable gold production includes negative impacts from operational challenges at Ahafo, a transition to a leach-only operation at CC&V, as well as challenges from a competitive labor market, primarily in Canada and Australia.”

NEM stock is down 7.1% as of Monday morning and is down 22.9% since the start of the year.

Investors on the lookout for more recent stock market news will want to stick around!

InvestorPlace is home to all of the latest stock market news traders need to know about today! That includes this morning’s biggest pre-market stock movers, and why NIO (NYSE:NIO) and Peloton (NASDAQ:PTON) have been moving recently. You can find out all about these matters at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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