Common-Size Income Statement
Quarterly Data
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Newmont Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Cost of Sales
- There is significant variability in the costs applicable to sales, generally ranging between -40% and -60% of sales throughout the periods. A notable increase in costs is observed in mid-2022, peaking at -58.66% in September 2022 before declining somewhat thereafter.
- Depreciation and Amortization
- This expense remains relatively stable, fluctuating narrowly between -16.26% and -22.33% of sales. There is a slight downward trend in depreciation and amortization in the most recent quarters, moving from around -19% in early years to about -16% by the first quarter of 2024.
- Reclamation and Remediation
- This cost item shows considerable volatility, with mostly low single-digit negative percentages. However, there are exceptional spikes, particularly in December 2021 (-47.96%), December 2022 (-23.69%), and December 2023 (-31.21%), suggesting occasional significant reclamation expenses or provisions during these periods.
- Gross Profit
- Gross profit margins exhibit a wide range and uneven variation, generally between 20% and 40%, with several quarters showing negative gross profits, notably in December 2021 (-12.24%) and March 2024 (-6.62%). There are periods of strong gross profit such as in September 2020 (40.09%) and June 2021 (38.04%), indicating fluctuating profitability at the gross level.
- Exploration
- Exploration expenses remain low and relatively consistent, mostly between -1% and -3% of sales. Minor fluctuations indicate steady ongoing investment in exploration activities without significant increase or decrease.
- Advanced Projects, Research and Development
- Expenses in this category remain consistently close to -1.0% to -3.0% of sales, with few minor outliers. A peak of -3.04% in September 2022 suggests occasional increases but generally steady research and development efforts.
- General and Administrative Expenses
- These costs stay relatively stable, fluctuating mainly between -1.8% and -3.5% of sales, without pronounced trends, indicating consistent management cost control across the periods.
- Impairment Charges
- Impairment charges are sporadic and infrequent, with several quarters showing no losses while others experienced significant negative impacts, such as -41.25% in December 2022 and -47.79% in December 2023. This indicates episodic recognition of impairment losses affecting profitability in specific periods.
- Loss on Assets Held for Sale
- There are isolated instances of losses on assets held for sale, notably -19.72% in September 2021 and -12.06% in March 2024, reflecting occasional divestitures at a loss impacting net results.
- Other Expense, Net
- This item shows volatility with occasional spikes (e.g., -7.78% in June 2020 and -10.89% in December 2023). Overall, it represents a variable cost component influencing operating income in some quarters.
- Operating Income (Loss)
- The operating income percentage exhibits high variability, oscillating between strong positive performance (e.g., 31.48% in September 2020 and 31.35% in June 2021) and significant losses (e.g., -18.47% in December 2021 and -70.99% in March 2024). Such fluctuations suggest sensitivity of operating income to changes in costs and impairments.
- Gain on Formation of Nevada Gold Mines
- A significant gain of 87.21% occurred in September 2019, indicating a one-time event contributing substantially to income for that quarter, followed by a minor gain in December 2019 only.
- Other Income (Loss), Net
- This income component varies across periods without a clear pattern, with some positive spikes and several negative values, indicating intermittent gains and losses not directly tied to operations.
- Interest Expense, Net
- Interest expense remains relatively steady, generally between -1.6% and -3.6% of sales, showing consistent financing costs with no clear upward or downward trend.
- Other Income (Expense)
- This line item shows significant fluctuations, including extreme positive and negative values, such as an 85.51% gain in September 2019 and steep losses in some quarters, indicating a high degree of variability in non-operating financial activities.
- Income Before Income and Mining Tax and Other Items
- The income before taxes shows sharp fluctuations, with very high peaks (102.4% in September 2019) and considerable negative values (e.g., -78.39% in March 2024), reflecting the impact of one-time items and variable operating and non-operating income components.
- Income and Mining Tax Expense (Benefit)
- Tax expense displays some variation, generally ranging between -11% and -1.0% of sales, occasionally reflecting tax benefits in certain quarters. The variation corresponds to the underlying profitability and the occurrence of losses or gains.
- Equity Income (Loss) of Affiliates
- This item is relatively small and stable, fluctuating mostly between 0.1% and 2.0% of sales, contributing modestly to net income with no notable trends.
- Net Income (Loss) from Continuing Operations
- Net income from continuing operations is characterized by high volatility, ranging from strong positive returns (e.g., 83.01% in September 2019) to deep losses (e.g., -79.86% in March 2024). This reflects the combined effects of operating results, impairment losses, and one-time items over the periods.
- Net Income (Loss) from Discontinued Operations
- This component remains minor, fluctuating near zero with a few small positive and negative values, suggesting modest impacts from discontinued segments over the timeline.
- Net Income (Loss)
- Net income shows pronounced volatility, with large positive spikes early in the timeline and sizeable negative values in recent years, particularly in late 2023 and early 2024. This indicates fluctuating overall profitability driven by the interplay of operational performance, impairments, and one-time events.
- Net Income (Loss) Attributable to Noncontrolling Interests
- Amounts attributable to noncontrolling interests exhibit sporadic and inconsistent trends, with occasional gains and losses that modestly affect the overall net income attribution.
- Net Income (Loss) Attributable to Newmont Stockholders
- The net income attributable to stockholders mirrors the overall net income pattern, with periods of strong gains predominantly in 2019 and early 2021, followed by substantial losses around late 2022 and early 2024. The sharp downturns during these recent periods indicate challenges impacting shareholder earnings.