Stock Monitor: Alamos Gold Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 22, 2018 / If you want access to our free earnings report on Eldorado Gold Corp. (NYSE: EGO) ("Eldorado"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=EGO. On April 26, 2018, Eldorado reported financial results for the first quarter of 2018 ending March 31, 2018. The Company surpassed analysts' estimates for earnings as well as revenue in Q1 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Eldorado Gold most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
Eldorado's total revenues (metal sales) for Q1 FY18 reached $131.91 million, reflecting an increase of 17.90% from $111.88 million in Q1 FY17, driven by sales from the newly commissioned Olympias mine as well as higher sales at Efemcukuru and Kisladag compared to 2017. The reported revenue number exceeded analysts' consensus estimates by $36.34 million.
Eldorado's gold revenues were $115.47 million for Q1 FY18, up 27.54% from $90.54 million in Q1 FY17. In the quarter under review, the Company's zinc revenues were $7.57 million; lead revenues were $5.55 million, and silver revenues were $3 million. Eldorado's gold production was 89,374 ounces in Q1 FY18 (including 2,740 ounces from Lamaque pre-commercial production), up from 75,172 ounces in Q1 FY17. The Company sold 86,587 ounces of gold at an average realized the gold price of $1,333 per ounce in the reported quarter compared to 74,068 ounces at $1,222 per ounce in the year-ago corresponding quarter.
During Q1 FY18, Eldorado's cost of sales was $96.42 million, 40.25% higher than the $68.75 million reported in Q1 FY17. In the quarter under review, the Company's production costs jumped 32.64% to $67.24 million on a y-o-y basis and its depreciation and amortization (D&A) advanced 61.58% to $29.19 million on a y-o-y basis. Eldorado's gross profit fell 17.73% to $35.48 million in the reported quarter from $43.13 million in the previous year's same quarter.
Eldorado incurred exploration expenses of $4.15 million in Q1 FY18, 20.95% lower than the $5.25 million reported in Q1 FY17. Besides, the Company incurred general and administrative (G&A) expenses of $8.23 million in the quarter under review, a decrease of 29.18% from $11.61 million in the prior year's same quarter. The Company's cash operating costs averaged $571 per ounce in Q1 FY18, up 22.53% from $466 per ounce in Q1 FY17. Eldorado's operating profit fell 19.79% to $12.84 million in Q1 FY18 from $16 million in Q1 FY17.
Eldorado's profit from continuing operations attributable to common shareholders was $8.72 million for the quarter ending March 31, 2018, an increase of 27.57% from $6.83 million for the same period last year. The Company's diluted earnings per share (DEPS) for the reported quarter was $0.01, same as in the prior year's comparable quarter. This exceeded analysts' consensus estimates by $0.01.
Eldorado's total comprehensive profit attributable to shareholders was $7.99 million in Q1 FY18 compared to $18.66 million in Q1 FY17.
Eldorado Gold's Segment Details
During Q1 FY18, the Turkey segment's revenues were $109.01 million, an increase of 19.02% from $91.59 million in Q1 FY17. This segment had a gross profit of $36.53 million in Q1 FY18, a decrease of 1.06% from the prior year's same quarter.
The Greece segment reported revenues of $22.90 million in Q1 FY18, an increment of 28.91% from $17.76 million in Q1 FY17. This segment had gross loss of $969 million in the quarter under review compared to gross profit of $5.10 million in the previous year's same quarter.
Cash Matters
Eldorado had cash and cash equivalents of $454.20 million as on March 31, 2018, a decrease of 5.28% from $479.50 million as on December 31, 2017. The Company's debt was $594.33 million at the end of Q1 FY18, a slight increase of 0.09% from $593.78 million at the end of Q4 FY17.
Eldorado's cash provided by operating activities of continuing operations was $22.89 million for the quarter ending March 31, 2018, compared to $50.77 million in the same period last year.
Eldorado spent $66.99 million on purchases of property, plant, and equipment in Q1 FY18, a decrease of 9.28% from $73.84 million in Q1 FY17.
However, Eldorado suspended cash payment of its semi-annual dividend payment, effective from Q1 FY18.
Outlook
For fiscal 2018, Eldorado expects to produce 290,000-330,000 ounces of gold, including pre-commercial ounces from Lamaque. The Company anticipates cash operating costs to be in the range of $580-630 per ounce in FY18.
Stock Performance Snapshot
May 21, 2018 - At Monday's closing bell, Eldorado Gold's stock dropped 5.00%, ending the trading session at $0.95.
Volume traded for the day: 6.82 million shares.
After yesterday's close, Eldorado Gold's market cap was at $754.31 million.
The stock has a dividend yield of 1.05%.
The stock is part of the Basic Materials sector, categorized under the Gold industry. This sector was up 0.7% at the end of the session.
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