Newmont Corporation (NEM)

[GE_Jim]

Newmont Corp. said profit fell for the first quarter despite sales rising as it booked an income and mining tax expense.

The gold-mining company Thursday posted net income attributable to shareholders of $559 million, compared with $822 million a year earlier. Earnings were 70 cents a share, compared with $1.02 a share.

The company said it booked an income and mining tax expense of $235 million, compared with a benefit of $23 million a year earlier. It also recognized gains on the sales of Kalgoorlie, Red Lake and investment holdings in Continental Gold Inc. in the prior year.

Adjusted earnings were 74 cents a share. Analysts polled by FactSet were expecting 79 cents a share.

Sales rose to $2.87 billion from $2.58 billion because of higher average realized metal prices, partially offset by lower sales volumes, the company said. Analysts were looking for $3.18 billion.

Attributable gold production was 1.46 million ounces, compared with 1.48 million ounces a year earlier. Gold all-in sustaining costs were $1,039 per ounce, compared with $1,030 per ounce, the company said.

The company said it incurred incremental Covid-specific costs of $22 million for activities such as health and safety procedures, higher transportation and community-fund contributions.