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More than half of top mining companies beat Q3 earnings estimates

The world’s largest mining companies saw mixed results for the third quarter, with some companies reporting net gains mainly from decreasing costs and increased production, while others reported net losses. Out of the top companies ranked by market capitalization, 16 were able to beat their third quarter S&P Capital IQ consensus earnings estimates, while six missed their EPS estimates.

Nutrien Ltd., the company with the largest reported market capitalization as of Dec. 11, reported a net loss from continuing operations of US$1.07 billion, or a loss of US$1.74 per share. The results for the quarter reflected a noncash impairment of the New Brunswick potash facility and a gain on adjustment of pension and other post-retirement benefit plans.

Southern Copper Corp.'s net income declined by 8.1% to US$369.4 million for the third quarter, which was mainly attributed to lower metal prices and a higher noncash tax provision.

Gold and copper producer Newmont Mining Corp. reported an adjusted net income of US$175 million, or 33 cents per diluted share, decreasing year over year from US$184 million, or 34 cents per diluted share. The company reported an 8% year-over-year decrease in revenue for the quarter to US$1.73 billion due to lower average realized gold prices and lower production at various locations.

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Alcoa Corp. beat its earnings estimate by 85.3%, the widest margin out of the top mining companies. Despite beating its earnings estimate, the company recorded a net loss of US$41.0 million, swinging from a net profit of US$113.0 million the year before.

Steel producer Ternium SA followed Alcoa and Newmont Mining with the third-largest margin, beating its earnings estimate by 55.6%. The Luxembourg-based company saw its net income attributable to shareholders more than double year on year from US$194.9 million to US$488.5 million. The surge can be attributed to an increase in steel revenue and a decrease in the steel segment's operating cost per tonne.

Missing its earnings estimate with a 166.7% margin is Toronto Stock Exchange-listed Goldcorp Inc. The senior gold producer posted a net loss of US$101 million in the third quarter, swinging from a net profit of US$111 million the year before. The loss was primarily due to lower production of all metals at the Penasquito mine in Mexico and planned lower grades from stockpiles during the commissioning of the Penasquito Pyrite leach project.

Only three London-listed companies made it to the list, with PJSC Novolipetsk Steel and Randgold Resources Ltd. beating their earnings estimates by 27.1% and 16.4%, respectively, while PAO Severstal missed its earnings estimate by 4.7%.

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The Company Two-Page Profile Template allows users to obtain a snapshot of a company's key data, including performance ratios, balance sheet and income statement.

Find all company-level data, news, events and filings by accessing a Company Briefing Book. There are separate pages for earnings, financials and production and costs.