Newmont Corporation (NYSE:NEM, TSX:NGT, ASX:NEM, XETRA:NMM) reported mixed results for the second quarter, with revenue falling short of expectations as the company generated record free cash flow and maintained its full-year production guidance.
The gold miner reported adjusted earnings of $2.10 per diluted share for the quarter ended June 30, ahead of the consensus estimate of $2.05.
Revenue rose 15.1% year over year to $6.12 billion but missed analyst expectations of approximately $6.35 billion.
Net income totaled $2.2 billion, while adjusted EBITDA reached $3.8 billion. The company generated $2.9 billion in operating cash flow, excluding working capital impacts of $90 million, and reported record quarterly free cash flow of $2.2 billion.
Newmont produced approximately 1.3 million attributable gold ounces during the quarter, along with 7 million ounces of silver and 17,000 tonnes of copper, keeping the company on track to meet its full-year production guidance of 5.3 million attributable gold ounces.
Gold costs applicable to sales were $1,043 per ounce, while all-in sustaining costs were $1,621 per ounce. The company noted that year-to-date costs remain below its full-year cost guidance.
During the quarter, the company also received key regulatory approvals from the Province of British Columbia for the Red Chris Block Cave project, including an amended Environmental Assessment Certificate and an amended Mines Act permit, advancing the project toward a final investment decision.
"Newmont delivered another quarter of strong operational and financial performance, producing approximately 1.3 million attributable gold ounces and generating record second quarter free cash flow of $2.2 billion, while remaining on track to achieve our full-year 2026 guidance,” Newmont CEO Natascha Viljoen said in a statement.
Newmont’s shares were set to open about 1.5% higher at about $95 on Friday.