TRQ - Why Turquoise Hill Resources Stock Fell 19% Today
Shares of metals miner Turquoise Hill Resources (NYSE: TRQ) were lower by 19% at roughly 2 p.m. EDT on May 13. The stock fell after the company reported earnings following the close of trading on May 12. On the surface it looked like a great report, if it weren't for the company's warning about the future.
Turquoise Hill's first-quarter 2021 copper production was up nearly 30% year over year, and 9% sequentially from the fourth quarter of 2020. Gold production increased a huge 460% year over year and 66% sequentially. And silver production rose nearly 20% year over year with a 10% sequential increase. Ore grades were higher across the board.
Together with higher commodity prices, all of this helped the miner post an over 300% increase in revenue in the quarter. First-quarter 2021 earnings came in at $1.18 per share compared to $0.22 per share in the first quarter of 2020.
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Why Turquoise Hill Resources Stock Fell 19% Today