Newmont Mining Corp (NYSE:NEM) digs up profits by cost cutting

Boston, MA 11/04/2013 (wallstreetpr) – Recently, the management of Newmont Mining Corp (NYSE:NEM) announced their third quarter report in which it was mentioned that the company has managed to experience a 11 percent rise in profits. In the third quarter report, the company managed to get a profit rise of 11 percent despite a percent over by year revenue drop due to the copper and gold miner trimmed their costs. Though the overall adjusted earnings were lower but the entire report and profits earned managed to beat the estimated made by the analysts.

The Newmont Mining Corp which is based in Greenwood Village cited net income of $408 million or 82 cents per share which is high from the net income of the same period last year of $367 million or 74 cents per share.

 Apart from one-time items, adjusted earnings came in at 46 cents a share, versus 86 cents a share in the last year’s quarter report. But the analysts on an average were expecting earnings per share of 32 cents.

A year ago, the third quarter report said the sale had fallen to $1.983 billion which was very much short of Wall Street’s Expectations which was from $2.480 billion.

According to the CEO and President of Newmont Mining Corp, Gary Goldberg, the efforts are being taken by the company to improve costs and efficiencies of the company. Moreover, the management of the company has also managed to reduce the consolidated spending of the company by $700 million in a year.

The costs and expenses of the company came in to $131 million lower than the quarter third report of last year. Talking about the recent trading session of Newmont Mining Corp, $1.136 billion profit was earned by the company.

Also company has announced opening of two other projects in Nevada and Ghana.

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