Seeking AlphaCodex · 实盘不做把握 5/10
北京时间·🕒 发布 21:26:09时区推断·⟳ 抓取 21:30:26·⚡ 决策 07-24 21:31:20 +54s·94.9 天前
纽蒙特二季度业绩小幅超预期但产量下滑且三季度产量预计持平
纽蒙特二季度调整后EPS 2.10美元，高于FactSet一致预期1.99美元，收入同比增长15%至61.2亿美元。
📄 原文Seeking Alpha↗ 原文
Newmont posts Q2 earnings topper despite lower gold prices
Newmont (NEM) up 1.3% pre-market Friday after reporting better than expected Q2 adjusted earnings and revenue rose 15%…
不做 纽蒙特（NEM.US）
财报为预期内披露且只是小幅超预期，产量下滑、三季度产量持平和合资争议抵消利好；盘前仅涨1.3%，没有足够短线edge追多。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-07-24 · 扩散 medium · price-in 风险 medium ↗
关键理由
- 纽蒙特二季度调整后EPS 2.10美元，高于FactSet一致预期1.99美元，收入同比增长15%至61.2亿美元。
- 业绩利好被产量下滑抵消：归属黄金产量从148万盎司降至129万盎司，且公司预计三季度产量大体与二季度持平。
- 盘前仅涨1.3%，说明市场把这份财报视为小幅超预期而非重估级别催化。
主要风险
- 黄金价格从一季度均价4900美元/盎司降至二季度4414美元/盎司，若金价继续回落会压制盈利弹性。
- Nevada Gold Mines合资争议可能进入法律程序，增加管理层和资产权益不确定性。
反向证据
- 做多前查反向 · 来源 filing · 日期 2026-07-24 · 影响 weakens
正文同时披露归属黄金产量同比下降、三季度产量预计大体持平、黄金售价较一季度明显下降以及合资争议，削弱追多逻辑。
检索:正文内反向证据核查 原文 ↗
原文全文
展开原文 · 1,520 字
Newmont (NEM) up 1.3% pre-market Friday after reporting better than expected Q2 adjusted earnings and revenue rose 15% Y/Y to $6.12B even as its average gold prices fell compared to Q1.
Q2 profit rose to $2.2B, or $2.06/share, from $2.06B, or $1.85/share, in the year-earlier quarter; adjusted earnings came in at $2.10/share, above the $1.99 FactSet analyst consensus.
Newmont (NEM) said its Q2 average realized gold price rose to $4,414/oz from $3,320/oz in the year-ago quarter but fell sharply from its Q1 average selling price of $4,900, as gold rallied early in the year.
The company said its attributable gold production fell to 1.29M oz from 1.48M oz, hurt by lower output at Cadia due to seismic events, and at Ahafo South, Penasquito, and Yanacocha due to lower grades from planned mine sequencing.
Newmont (NEM) said it remains on track to meet its full-year gold production guidance of 5.3M oz while expecting Q3 output to be broadly in line with Q2, as the Cadia operations returned to normal levels as of mid-June.
Newmont (NEM) hopes for a resolution but is prepared to take legal action against Barrick Mining (B) if the companies cannot resolve a dispute over the future of the Nevada Gold Mines joint venture, CEO Natascha Viljoen said on the company's earnings conference call.
"Operations remain firmly on track for guidance, with stronger-than-expected performance at Lihir and Yanacocha pulling ~50K oz from H2 into Q2," BMO analyst Matthew Murphy said in a note, maintaining his Outperform rating.
Q2 profit rose to $2.2B, or $2.06/share, from $2.06B, or $1.85/share, in the year-earlier quarter; adjusted earnings came in at $2.10/share, above the $1.99 FactSet analyst consensus.
Newmont (NEM) said its Q2 average realized gold price rose to $4,414/oz from $3,320/oz in the year-ago quarter but fell sharply from its Q1 average selling price of $4,900, as gold rallied early in the year.
The company said its attributable gold production fell to 1.29M oz from 1.48M oz, hurt by lower output at Cadia due to seismic events, and at Ahafo South, Penasquito, and Yanacocha due to lower grades from planned mine sequencing.
Newmont (NEM) said it remains on track to meet its full-year gold production guidance of 5.3M oz while expecting Q3 output to be broadly in line with Q2, as the Cadia operations returned to normal levels as of mid-June.
Newmont (NEM) hopes for a resolution but is prepared to take legal action against Barrick Mining (B) if the companies cannot resolve a dispute over the future of the Nevada Gold Mines joint venture, CEO Natascha Viljoen said on the company's earnings conference call.
"Operations remain firmly on track for guidance, with stronger-than-expected performance at Lihir and Yanacocha pulling ~50K oz from H2 into Q2," BMO analyst Matthew Murphy said in a note, maintaining his Outperform rating.
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