Newmont adjusted profit drops on lower output
TORONTO Feb 21 (Reuters) - Newmont Mining reported on Thursday a four percent drop in adjusted fourth-quarter profit on lower metal production and higher operating costs.
Adjusted to remove one-time items, earnings were $552 million, or $1.11 a share, in the quarter ended Dec. 31. That compared with $577 million, or $1.17 cents a share, in the year-ago period.
Analysts, on average, had expected earnings of 97 cents a share, according to Thomson Reuters I/B/E/S.
The top U.S. gold miner said net income was $673 million in the quarter, compared with a loss of $1.02 billion, in the year-ago period.