05:01 PM EDT, 07/24/2024 (MT Newswires) -- Newmont ( NEM ) was up 1.7% in after-hours New York trading after the company on Wednesday said its second-quarter adjusted profit more than tripled on higher gold production following its acquisition of Newcrest and improved prices.

The company, the world's No.1 gold producer, said its adjusted profit, excluding most one-time items. rose to US$834 million, or US$0.72 per share. from US$266 million, or US$0.33, in the year-prior quarter.

Revenue was not disclosed, but the company's gold production rose 30% to 1.61-million gold-equivalent ounces., while its average price rose 19% to US$2,347 per ounce, along with 0.48-million gold equivalent ounces of other metals.

Looking ahead, Newmont ( NEM ) said it achieved US$100 million in synergies from its Newcrest acquisition during the second quarter, for a total of US$205 million to date. The company added it was on track to realize US$500 million in annual synergies by the end of 2025.

Also, Newmont ( NEM ) said it is on track to deliver 2024 guidance for production, costs and capital spend. It is anticipating a sequential increase in production in the second half of the year, weighted towards the fourth quarter.

"Newmont ( NEM ) delivered a solid second quarter, producing 2.1 million gold equivalent ounces and generating $594 million in free cash flow," chief executive Tom Palmer said. "We continued to advance our divestiture program and, to date, have announced $527 million in proceeds this year. With this momentum, we completed $250 million in share repurchases and repaid $250 million in debt. As we head into the second half of the year, we remain confident in our ability to continue executing on shareholder returns, meet our full year guidance and deliver on our commitments."

The company's shares were last seen up US$0.81 to US$48.51 after hours. They closed up $0.94 to $65.85 on the Toronto Stock Exchange.