Newmont Corp.’s stock rose Thursday to lead gains of major gold producers after the US mining company posted quarterly earnings that beat Wall Street’s expectations.
Newmont rose as much as 4.2% to $55.40 in New York, outperforming its industry peers as well as gains in spot gold. The stock has risen more than 47% this year, outpacing gold’s 27% gain since the end of December.
The Denver-based producer posted first-quarter earnings Wednesday that topped analyst expectations on a number of measures, including adjusted profit, revenue and production. Newmont churned out 1.54 million ounces in attributable gold production in the quarter, while recording a 25% revenue jump from the year-earlier period to top $5 billion. The company said it had a record first quarter cash flow of $1.2 billion.
Top precious metals producers have been benefiting from soaring gold prices, which has hit successive record…
