Newmont adjusted profit drops on lower output

TORONTO Thu Feb 21, 2013 6:09pm EST

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.

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