05:17 PM EDT, 10/23/2024 (MT Newswires) -- Newmont Corporation ( NEM ) was last seen down 4.5% in after-hours New York trading -- having been down nearer 6% a short time ago -- as it reported an adjusted earnings miss for the third quarter.

The company, the No.1 gold miner, reported its adjusted net income, excluding most one-time items, rose to US$0.81 per share, up from US$0.36 in the year-prior quarter but missing the consensus Capital IQ forecast of US$0.85 per share.

"In the third quarter, Newmont ( NEM ) delivered 2.1 million gold equivalent ounces and generated $760 million in free cash flow from our world-class portfolio," said chief executive Tom Palmer. "We continue to make meaningful progress on our non-core divestment program with the two transactions announced in the quarter, which are expected to deliver up to $1.5 billion in combined gross proceeds. Our divestiture progress and strong free cash flow generation have positioned us to continue reducing debt and repurchasing shares, creating significant and lasting value for our shareholders."

The company's shares were last seen down US$2.59 to US$55.15 after hours. They closed down $1.18 to $79.76 on the Toronto Stock Exchange.

Elsewhere, Bloomberg noted the Denver-based company's net income attributable to shareholders was US$922 million in the third quarter, nearly six times more than the year-earlier period, according to its earnings report released Wednesday. It said the windfall puts Newmont ( NEM ) on track to rake in $3.2 billion overall this year, according to analysts' estimates, which would be the company's strongest year on record.

Bloomberg noted Newmont ( NEM ) is the first major gold producer to post results in an earning season that's supposed to see bumper profits for bullion miners. The companies are cashing in on a soaring gold price that has hit repeated record highs this year while costs for mining the metal have eased.

The company, according to Bloomberg, is also reaping the rewards of its roughly $15 billion purchase of Newcrest Mining Ltd. last year, which added a suite of gold and copper mines to the portfolio and cemented its status as the world's biggest producer of the precious metal. Newmont ( NEM ) churned out 1.67 million ounces of gold in the quarter, well surpassing its biggest rival, Barrick Gold Corp. ( GOLD ), which said it produced 943,000 ounces in preliminary results posted last week.