Newmont Mining Blows Past Estimates (NEM)

Greenwood Village, Colorado based Newmont Mining Corporation NEM announced on Tuesday morning that it easily beat consensus Wall Street estimates. Newmont Mining Corporation reported that its 3rd quarter net income climbed 38% to $537 million, or $1.09 per share, up from $388 million, or 79 cents per share, a year earlier. Excluding special items, the company's earnings came in at $1.08 per share. Revenue rose to $2.58 billion, up from $2.05 billion a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 96 cents per share, on revenue of $2.37 billion. President and chief executive officer Richard O'Brien said, "With the substantial free cash flow that we continue to generate in the current metal price environment, we remain focused on progressing the development of our next generation of mining projects. This includes Conga in Peru, Akyem in Ghana, and Hope Bay in Canada, as well as a series of satellite deposits in Nevada. Of the $1.3-$1.5 billion in capital we expect to spend this year, approximately 40% will be invested in our development pipeline, with increasing reinvestment expected over the next several years." Newmont Mining Corporation (NEM) closed the previous trading day at $61.23 per share. Analysts covering the company's stock give it a consensus price target of $66.60 per share. Read more from Benzinga's Company news.