Earnings Recap: Newmont Mining Corp (NYSE:NEM), American International Group, Inc. (NYSE:AIG)

Lakeway, TX -- (SBWIRE) -- 02/22/2013 -- Bestdamnpennystocks, an investment community with a special focus on updating investors with recent news on the U.S. stock market, issues news alert on the following stocks:-

Newmont Mining Corp (NYSE:NEM) reported fourth-quarter earnings that beat analysts’ estimates as gold prices rose.

For the quarter the company earned net income of $673 million compared with a loss of $1.03 billion a year earlier. Earnings excluding an income-tax benefit and other one-time items were $1.11 a share, beating the 97-cent average of 18 estimates compiled by Bloomberg. Sales fell 11% to $2.48 billion.

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In 2012, Newmont produced 5 million ounces of gold and 143 million pounds of copper and forecasts 4.8 million to 5.1 million ounces of gold and 150 million to 170 million pounds of copper for this year.

Average costs applicable to sales in the fourth quarter were $720 an ounce of gold and $2.61 a pound of copper, compared with $602 an ounce and $1.58 a year ago. The company said last month it expected costs of $700 to $715 an ounce of gold and $2.60 and $2.70 per pound of copper.

On December 3 Newmont announced that Chief Operating Officer Gary Goldberg will replace Chief Executive Officer Richard O’Brien March 1.

American International Group, Inc. (NYSE:AIG) shares fall by 29 cents or 0.77% to close at $37.28 on Thursday after the company reported a net loss of $4bn (£2.6bn) for the last three months of 2012, due to the $4.4bn loss from the ILFC sale in comparison to a net profit of $21.5bn in the same period of 2011.

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Despite this the company earned operating profit of $290m, compared with $1.5bn in the last quarter of 2011.

"AIG's operating profit this quarter shows the power and financial strength of our diverse global franchise," said chief executive Robert Benmosche.

In the fourth quarter AIG, also sold its remaining stake in the Asian insurer AIA in December for $6.5bn and the US Treasury sold its remaining shares in AIG for about $7.6bn, repaying the last of its financial support to the insurer.

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