Newmont Mining Corp. (NYSE: NEM) reported first-quarter 2015 earnings after markets closed Thursday. The gold miner posted adjusted earnings per share (EPS) of $0.46 on revenues of $2.0 billion. In the same period a year ago, the company reported EPS of $0.24 on revenues of $2.17 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.23 and $1.95 billion in revenues.

On an operating basis, Newmont posted first-quarter EPS $0.35. The company said its solid showing was due to strong production, continued cost containment and some delayed spending.

Newmont’s average realized price per ounce of gold in the quarter was $1,203, down from $1,293 in the first quarter of 2014. Copper prices were also lower, $2.34 a pound compared with $2.50 a pound in the year-ago quarter.

Gold production of 1.21 million ounces was flat with the same quarter of last year.

The company’s all-in sustaining cost (AISC) was $849 per ounce of gold in the first quarter, down from $1,034 per ounce in the same period a year ago. This, more than anything else, is responsible for Newmont’s profit beat.

Newmont said it remains on track to meet its full-year production outlook for both gold and copper. The 2015 gold production attributable to shareholders is expected in the range of 4.55 million to 4.94 million ounces. Copper production is forecast at 130,000 to 160,000 tons.

Gold production is forecast to rise “steadily” from a range of 4.6 million to 4.9 million ounces in 2015 to a range of 4.7 million to 5.1 million ounces by 2017. AISC is expected to dip from a range of $960 to $1,020 an ounce in 2015 to a new range of $925 to $1,025 an ounce by 2017.

Shares of Newmont traded up about 2.4% in after-hours trading Thursday, at $24.00 in a 52-week range of $17.60 to $27.40. Thomson Reuters had a consensus analyst price target of around $26.10 before the report. Comex gold settled at $1,194.30 per ounce on Thursday, up 0.6% for the day.

ALSO READ: 9 States Running Out of Water

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.