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Investing.com -- Eldorado Gold Corporation (NYSE:EGO) reported first quarter earnings that beat analyst estimates, but shares slipped 1.2% as production challenges at its Olympias mine overshadowed the results.
The Canadian gold miner posted adjusted earnings per share of $0.35, topping the consensus estimate of $0.32. Revenue rose 38% year-over-year to $355.2 million, exceeding expectations of $334.02 million.
However, total gold production fell slightly to 115,893 ounces in Q1 from 117,111 ounces a year ago. The decline was primarily due to issues at the company’s Olympias mine in Greece, where output dropped 37% YoY to 11,829 ounces.
Eldorado (SO:ELDO11B) said Olympias was impacted by "unplanned maintenance related to pyrite concentrate filtration and issues affecting the flotation circuit stability, which limited plant throughput and recoveries." The company stated these challenges have since been resolved.
"With continued record high gold prices we generated strong free cash flow of $75.5 million from our operating portfolio, excluding capital invested at Skouries," said CEO George Burns.
The average realized gold price jumped 41% YoY to $2,933 per ounce. However, all-in sustaining costs also rose to $1,559 per ounce from $1,262 last year.
Eldorado maintained its 2025 production guidance of 460,000 to 500,000 ounces of gold. The company said production is expected to be weighted towards the second half of the year.
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