Thu, Jul 25, 8:07 PM (44 days ago)
Newmont Corporation's Q2 2024 financial results highlight significant growth due to the Newcrest acquisition. Key points include: 1. **Revenue Growth**: Sales increased by 64% YoY to $4,402 million, driven by higher realized prices for all metals and the inclusion of Newcrest's assets. Gold sales rose 52% to $3,623 million, and copper sales surged 360% to $377 million. 2. **Profitability**: Net income from continuing operations attributable to Newmont stockholders increased to $838 million ($0.73 per share), up from $153 million ($0.19 per share) in Q2 2023. Adjusted net income rose to $834 million ($0.72 per share). 3. **Cost Management**: Costs applicable to sales rose 40% to $2,156 million, primarily due to the Newcrest acquisition. However, the average realized price for gold increased to $2,347 per ounce, up from $1,965 per ounce in Q2 2023. 4. **EBITDA and Cash Flow**: Adjusted EBITDA more than doubled to $1,966 million. Free cash flow improved to $520 million, with operating cash flow reaching $2,170 million for the first half of 2024. 5. **Asset Sales**: Completed the sale of the Fruta del Norte facilities for $330 million, with $180 million received in June 2024. 6. **Future Outlook**: The company is focused on integrating Newcrest's assets and optimizing its portfolio by divesting six non-core assets and a development project, aiming to complete sales within 12 months. Overall, Newmont's financial health improved significantly due to strategic acquisitions and higher metal prices, despite increased costs.