April 23 (Reuters) - Newmont beat Wall Street estimates for first-quarter profit on Thursday as record gold prices helped offset lower production, though the world's largest gold miner warned of weaker output and elevated costs in the current quarter.
The company said it expects about 23% of its total attributable production to be delivered in the second quarter of 2026, slightly below first-quarter levels.
Unit costs are expected to rise notably from the first quarter due to higher sustaining capital
spending, lower silver output and increased costs applicable to sales from Boddington, Tanami, Lihir and Penasquito.
Costs may also be affected by higher oil prices and the impact of a full quarter of the increased royalty in Ghana, the company said.
Gold prices hit record highs during the first quarter on safe-haven demand and rate-cut bets, before easing after the U.S.–Israel conflict with Iran sparked a crude-led inflation scare, though prices stayed well above levels seen a year ago.
The quarterly average realized price for gold was at $4,900 per ounce, compared with $2,944 per ounce in the year-ago period.
"Supported by our enhanced capital allocation framework, we have doubled the size of our share repurchase program with an additional $6 billion authorization, following the full execution of our previous program," CEO Natascha Viljoen said.
Shares of the company rose 1.8% after the bell.
Newmont's quarterly gold production was at 1.30 million ounces, compared with 1.54 million ounces over last year.
The decline reflected lower output at Boddington due to bushfires, weaker grades at Tanami amid planned mine sequencing and heavy rainfall, and lower grades and planned maintenance at Lihir and Cerro Negro.
On an adjusted basis, the company earned $2.90 per share for the quarter ended March 31, compared with analysts' average estimate of $2.18 per share, according to data compiled by LSEG.
(Reporting by Sumit Saha in Bengaluru; Editing by Pooja Desai)
