NEM Q3 Earnings Beat Estimates on Higher Gold Prices, Strong Sales

Newmont (NEM) shares fell 4% despite reporting record Q3 adjusted EPS of $2.20, beating estimates. Gold prices dropped to $4,020/ounce, impacting the stock. Management expects Q4 AISC of $1,900/ounce, with normalized EPS seen rising through 2028. Analysts note the stock trades at 11x forward earnings, near a 5-year low.

Gold prices fell 2.4% to $4,041.39, near $4,000, as Treasuries rallied and stocks sold off. SPDR Gold Shares (GLD) dropped 2.63% to $369.00. Newmont (NEM) reported strong Q3 earnings but shares fell 2.62% to $114.11. Analysts expect further gold price declines due to Fed rate hike expectations and inflation fears.

Newmont reported Q3 earnings beating estimates, with revenue up 15% to $6.36B due to higher gold prices and increased copper production. Gold averaged $4,204.59/oz, up 17.6% YoY. Shares rose 1.5% in extended trading. The company plans a $4.2B-$4.8B investment in the Red Chris project and a $1.95B payment to Barrick. CEO Viljoen ruled out a bid for Northern Star Resources.

Newmont's shares fell 2.5% in pre-market trading despite Q3 2026 earnings beating estimates ($2.20 EPS, $6.36B revenue). The company raised full-year cost guidance and announced a $4.2B-$4.8B project. Freedom Broker downgraded Newmont to Hold, citing cost inflation and operational risks.

Newmont reported Q3 adjusted net income of $2.31B, up from prior periods, with sales rising 15% YoY to $6.36B. Earnings per share were $2.35. Free cash flow declined due to working-capital outflows and higher investments. The company maintained its 2026 production outlook and improved cost guidance. Newmont expects to pay $1.95B to Barrick in Q4 and has returned $1.9B to shareholders since the last earnings call.

Newmont (NEM) reported Q3 gold all-in sustaining costs of $1,454/oz, improving its full-year outlook to ~$1,520/oz. Q4 costs are expected to rise to ~$1,900/oz due to capital expenditures and inflation. The company anticipates Q4 gold production of 1.4M oz, its strongest quarter of 2026. Newmont is monitoring potential water impacts at Lihir from El Niño. For 2027, production is expected to increase by low- to mid-single-digit percentages, with higher unit costs due to macroeconomic headwinds.