Stock Analysis on Net
Stock Analysis on Net

Newmont Corp. (NYSE:NEM)

$22.49

This company has been moved to the archive! The financial data has not been updated since April 29, 2024.

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Newmont Corp., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Sales
Costs applicable to sales
Depreciation and amortization
Reclamation and remediation
Gross profit
Exploration
Advanced projects, research and development
General and administrative
Impairment charges
Loss on assets held for sale
Newcrest transaction and integration costs
Restructuring and severance
Settlement costs
COVID-19 specific costs
Goldcorp transaction and integration costs
Nevada JV transaction and implementation costs
Other
Other expense, net
Operating income (loss)
Gain on formation of Nevada Gold Mines
Gain (loss) on asset and investment sales, net
Interest income
Foreign currency exchange, net
Change in fair value of investments
Insurance Proceeds
Pension settlements
Charges from debt extinguishment
Impairment of investments
Other
Other income (loss), net
Interest expense, net of capitalized interest
Other income (expense)
Income (loss) before income and mining tax and other items
Income and mining tax expense
Equity income of affiliates
Net income (loss) from continuing operations
Net income (loss) from discontinued operations
Net income (loss)
Net (income) loss attributable to noncontrolling interests
Net income (loss) attributable to Newmont stockholders

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Sales
Sales demonstrated a consistent upward trend from 2019 to 2021, increasing from $9,740 million to a peak of $12,222 million. However, from 2022 to 2023, sales slightly declined to $11,812 million, indicating a plateauing or moderate decrease after prior growth.
Costs applicable to sales
Costs exhibited a steady increase across the entire period, rising from $5,195 million in 2019 to $6,699 million in 2023. This increase outpaced sales growth in the later years, which suggests pressure on gross margins.
Depreciation and amortization
Depreciation and amortization expenses rose from $1,960 million in 2019 to a peak of $2,323 million in 2021, then decreased steadily to $2,108 million by 2023. This pattern may reflect changes in asset bases or amortization schedules.
Reclamation and remediation
There was significant volatility in reclamation and remediation costs, increasing sharply to $1,846 million in 2021, then declining in 2022, before rising again to $1,533 million in 2023. This suggests episodic or project-based expenses with a notable peak in 2021.
Gross profit
Gross profit increased significantly from $2,305 million in 2019 to $3,817 million in 2020 but declined steadily thereafter to $1,472 million in 2023. This downward trend post-2020 points toward margin compression and rising costs relative to sales.
Operating expenses
Exploration costs remained relatively stable, fluctuating between $187 million and $265 million. Advanced projects and research/development expenses varied moderately but showed a slight increase in 2022. General and administrative costs slightly decreased over time but experienced a minor uptick in 2023. Significant impairment charges appeared in 2022 and 2023, peaking at $1,891 million, which heavily impacted operating results in those years.
Special charges and transaction costs
Impairment charges and transaction-related costs surged notably in 2022 and 2023, with impairment charges and Newcrest transaction costs heavily contributing to losses. Loss on assets held for sale was substantial in 2021 at $571 million, showing an isolated event impacting that year's results.
Other expenses and income
Other expenses fluctuated, with a notable increase in 2023 to $517 million. Interest income decreased from 2019 through 2021 but rebounded in 2022 and 2023. Foreign currency exchange and fair value changes in investments introduced additional volatility, with losses more prominent in later years.
Operating income (loss)
Operating income peaked in 2020 at $2,806 million but then contracted sharply, turning into a loss of $1,700 million by 2023. This reversal underscores deteriorating core business profitability due to increased impairments and expenses.
Income and mining taxes
Tax expenses decreased after peaking in 2021, reflecting the changes in pre-tax income and tax planning impacts. The tax burden declined notably in 2022 despite negative income continuing into 2023.
Net income
Net income attributable to stockholders showed a strong positive performance in 2019 and 2020, followed by substantial declines in 2021 and losses in 2022 and 2023, with the loss deepening to $2,494 million in 2023. This trajectory indicates a challenging operating environment and significant write-downs affecting profitability.
Equity income of affiliates
Equity income from affiliates declined consistently from $189 million in 2020 to $63 million in 2023, potentially reflecting weakening performance or reduced stakes in associated entities.
Summary
Overall, the financial data reveals a period of strong revenue growth until 2021, followed by a plateau and then a decline in profitability. Rising costs, sizeable impairment charges, and transaction-related expenses have increasingly pressured earnings. The company faced challenges in maintaining margins and controlling operating expenses, resulting in negative operating income and net losses in the last two years analyzed. These patterns suggest that the company encountered both operational and non-operational difficulties impacting its financial health adversely toward the end of the period.