Eldorado Gold Turns To Profit In Q3, Adj. EPS Beats Market, Revenues Miss; Cuts FY24 Production View

(RTTNews) - Canada-based Eldorado Gold Corp. (EGO, ELD.TO) reported a profit in its third quarter, compared to prior year's loss, driven by strong growth in revenues. Adjusted earnings topped market estimates, while top line missed. Further, the company trimmed the upper end of its fiscal 2024 production guidance.

On the NYSE, Eldorado Gold shares dropped 3.3 percent on Thursday's regular trading to close at $17.37. In the extended trading, shares fell 2.3 percent further to $16.98.

For fiscal 2024, the company said it is on track to meet production and cost guidance.

Gold production is now expected to be 505,000 to 530,000 ounces, compared to previously expected 505,000 to 555,000 ounces.

The revision in production outlook reflects updated full-year expectations given the operational and financial performance to date.

Total cash costs per ounce sold is now expected to be $910 to $940 per ounce sold, from $840 to $940 per ounce sold expected earlier.

All-in sustaining costs or AISC per ounce sold is now expected to be $1,260 to $1,290 per ounce sold, compared to previous estimate of $1,190 to $1,290 per ounce sold, primarily due to higher total cash costs, partially offset by lower sustaining capital expenditure.

In its third quarter, net earnings attributable to shareholders from continuing operations was $101.1 million or $0.49 per share, compared to last year's loss of $6.6 million or $0.03 loss per share.

Adjusted net earnings were $71.0 million or $0.35 per share, compared to $35.0 million or $0.17 per share a year ago.

Analysts on average expected the company to report earnings of $0.34 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Adjusted EBITDA was $169.0 million, higher than prior year's $108.7 million.

Revenue for the quarter climbed 36 percent to $331.8 million from $244.8 million last year, primarily due to the higher averaged realized gold price and higher sales volumes.

The Street was looking for revenues of $360.38 million for the quarter.

Gold production was 125,195 ounces, an increase of 3 percent from the prior year. Gold sales grew 4 percent from last year to 123,828 ounces, at an average realized gold price per ounce sold of $2,492.

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