On Monday, Shares of Newmont Mining Corporation (NYSE:NEM), gained 2.44% to $25.59.
Newmont Mining Corporation, declared first quarter earnings, counting $628 million in operating cash flow, and production in line with guidance.
- Net income: Achieved net income attributable to shareholders from ongoing operations of $175 million, or $0.35 per share, contrast to $117 million or $0.23 per share the preceding year quarter; adjusted net income was $229 million, or $0.46 per basic share, contrast to $121 million or $0.24 per share the preceding year quarter.
- Merged adjusted EBITDA: Delivered adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $815 million in the first quarter, contrast to $493 million in the preceding year quarter
- Merged cash flow: Generated cash from ongoing operations of $628 million and free cash flow from ongoing operations of $344 million, contrast to $183 million and $(52) million the preceding year quarter.
- All-in sustaining costs (“AISC”): Gold and copper AISC was $849 per ounce and $1.73 per pound, respectively, contrast with $1,034 per ounce and $3.67 per pound, respectively, in the preceding year quarter
- Costs applicable to sales (“CAS”): Stated gold and copper CAS of $609 per ounce and $1.33 per pound, respectively, contrast with $751 per ounce and $2.71 per pound, respectively, in the preceding year quarter.
Newmont Mining Corporation operates in the mining industry. It primarily acquires, develops, explores for, and produces gold, copper, and silver deposits. The company’s operations and/or assets are located in the United States, Australia, Peru, Indonesia, Ghana, and New Zealand.
At the end of Monday’s trade, Shares of Silver Wheaton Corp. (NYSE:SLW), jumped 3.60% to $19.85.
Silver Wheaton, declared that it has filed a preliminary short form base shelf prospectus with the securities commissions in each of the provinces of Canada, and a corresponding shelf registration statement on Form F-10 with the U.S. Securities and Exchange Commission under the U.S./Canada Multijurisdictional Disclosure System.
The base shelf prospectus and corresponding shelf registration statement, when made final or effective, will allow Silver Wheaton to offer up to US$2,000,000,000 of common shares, preferred shares, debt securities, subscription receipts, units and warrants, or any combination thereof, from time to time over a 25-month period. The specific terms of any offering of securities will be set forth in a shelf prospectus supplement. The Company filed this base shelf prospectus to maintain financial flexibility but has no immediate intentions to undertake an offering.
Silver Wheaton Corp. operates as a precious metals streaming company worldwide. The company has 18 long-term purchase agreements and 1 early deposit long-term purchase agreement associated with silver and gold regarding 27 various mining assets. It has silver and gold interests primarily in the San Dimas, Zinkgruvan, Yauliyacu, Stratoni, Los Filos, Peñasquito, Keno Hill, Neves-Corvo, Cozamin, Minto, Barrick, Aljustrel, 777, Salobo, and Sudbury mines; and the Rosemont, Loma de La Plata, Constancia, and Toroparu projects.
Tenneco Inc. (NYSE:TEN), ended its last trade with 2.30% gain, and closed at $58.60.
Tenneco, stated first quarter net income of $49 million, or 80-cents per diluted share, contrast with $46 million, or 75-cents per diluted share, in first quarter 2014. Not taking into account expenses for restructuring and tax adjustments, net income was $54 million, or 88-cents per diluted share, as compared to $56 million, or 91-cents per diluted share a year ago.
Tenneco stated quarterly revenue of $2.023 billion. Not taking into account a negative currency impact of $160 million, revenue in the quarter was up 4% to $2.183 billion, driven by growth in both the Clean Air and Ride Performance businesses, with OE light vehicle revenue improving 5%, commercial truck and off-highway revenue up 1%, and aftermarket revenue increasing 4% as compared to last year.
First quarter EBIT (earnings before interest, taxes and non-controlling interests) rose 6% to $120 million, as compared to $113 million last year. Adjusted EBIT for the first quarter rose to $125 million. The year-over-year EBIT comparison comprises $8 million in unfavorable currency.
Tenneco continued a trend of margin expansion in the quarter with year-over-year improvement in each product division for total adjusted EBIT as a percent of value-add revenue of 8.0%. Clean Air adjusted EBIT as a percent of value-add revenue raised to 9.9% from 9.7% a year ago, and Ride Performance rose to 9.1% from 8.5% last year. Margin improvement was driven by higher light vehicle volumes counting new platforms, stronger North America aftermarket sales, the benefit of product cost leadership initiatives and continued strong operational performance.
Cash used by operations in the quarter was $50 million, an improvement of $90 million contrast with a cash use of $140 million a year ago. Working capital improvements, lower interest payments and lower tax payments contributed to the improved cash performance as compared to last year.
In the quarter, capital expenditures to support structural growth were $70 million as compared to $71 million last year.
Tenneco Inc. designs, manufactures, and sells clean air and ride performance products and systems for light vehicle, commercial truck, off-highway, and other vehicle applications worldwide.
Finally, Precision Castparts Corp. (NYSE:PCP), closed at $205.04, with 2.26% gain.
Precision Castparts, declared that following a review of its oil & gas and power pipe end markets and inventories, the Company will recognize fiscal fourth quarter 2015 charges for actions taken to rationalize certain assets and restructure operations. The Company saw continued demand deterioration in its oil & gas and power pipe markets through the fourth quarter of fiscal 2015 and is taking aggressive action to improve its cost and capacity position, counting the exit of non-essential investments.
The Company will recognize a non-cash impairment charge in the range of $210 million to $220 million pre-tax related to its 50% ownership interest in Yangzhou Chengde Steel Tube Co., Ltd. (Chengde) as it pursues a sale of that stake. In addition, PCC will recognize a non-cash inventory and other asset impairment charge in the range of $125 million to $135 million pre-tax, primarily in its oil & gas, power pipe and associated raw material operations, reflecting the more challenging market environment, declines in market value, and size or quality characteristics that impact marketability. Both impairments are to be recognized in the fourth quarter of fiscal 2015 in conjunction with the Company’s planned rationalization plans.
To improve its cost structure, and in response to the current market conditions, the Company implemented headcount reductions to right-size influenced operations, which will result in a pre-tax charge of about $8 million in the fourth quarter of fiscal year 2015. The predictable annual cost savings generated by these actions are predictable to be in the range of $30 million to $35 million.
Precision Castparts Corp. manufactures and sells metal components and products worldwide. It operates in three segments: Investment Cast Products, Forged Products, and Airframe Products. The Investment Cast Products segment manufactures investment castings for aircraft engines, industrial gas turbine (IGT) engines, airframes, medical implants, armament, unmanned aerial vehicles, and other industrial applications.
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