Newmont Corporation (NYSE:NEM) saw its shares barely move Thursday on the company’s fourth-quarter earnings beat, though revenues suffered.
Thursday’s news release revealed the company generated record $4.9 billion of cash from continuing operations and $3.6 billion of Free Cash Flow (97% attributable to Newmont)
It ended the year with $5.5 billion of consolidated cash and $8.5 billion of liquidity with a net debt to adjusted EBITDA ratio of 0.2x. Announced industry-leading dividend framework and declared fourth quarter dividend of $0.55 per share, an increase of 38% over the prior quarter and a total declared dividend for 2020 of $1.45 per share
Newmont completed the 2020 $1 billion share-repurchase program and recently announced a new $1 billion share-repurchase program, and delivered over $2.7 billion to shareholders through dividends and share buybacks in 2019 and 2020
Newmont boasted the best safety performance in the Company's history, focusing on fatality risks across our business
The company announced 2021 outlook of 6.5 million ounces for 2021, and between 6.2 and 6.7 million ounces through 2023 and between 6.5 and 7.0 million ounces longer-term through 2025.
Said CEO Tom Palmer, "In 2020, Newmont achieved record performance including $3.6 billion of free cash flow and ending the year with over $5.5 billion of consolidated cash. These results enable Newmont to lead the industry in shareholder returns, invest in organic growth and maintain financial flexibility."
NEM shares settled seven cents to begin Thursday at 56.92.
