Eldorado Gold Corp. (NYSE:EGO) Impresses With Strong Production Output


Dallas, Texas 11/13/2013 (Financialstrend) – The Canada based Gold producer Eldorado Gold Corp. (NYSE:EGO) has its operations spread across the globe. Its operational foot print can be traced to places as far as China and Turkey to the east and places like Brazil and Greece nearer home. It has also ventured into mining operations in Romania. It reported a record increase in revenue production during 3Q.

On the side lines of the conference call which called out the results from its third quarter operations which ended on September 30, the $4.65 billion market capped gold producers Chief executive officer Paul Wright has been quoted to have said, “During the third quarter Eldorado produced 204,620 ounces of gold at average cash operating costs of $472 per ounce, a 21% increase in gold production. Our gold mines continue to perform to plan and generate significant cash flows. With its strong balance sheet and comparatively low cost gold mining operations the company is well-positioned with regard to the continuing weakness in gold prices.”

Net income from operations stood at $36.4 million for the quarter and translated to a earnings per share of $0.05. This was well below the $75.8 million net income and $0.11 earnings per share the firm had managed to deliver from 3Q12 operations when the price of gold was trading at a all time high. The firm was able to attract a respectable average price of $1338 per ounce of gold in spite of the sever uncertain price conditions which has been buffeting the gold industry over the past three quarters. In comparison Eldorado Gold Corp. (NYSE:EGO) had managed to sell its product at $1670 per ounce in 3Q12. The relatively healthy price points have helped it sustain its cash flow at $104 million which is slightly lower than the $110 odd million it had recorded in 3Q12. In its continued commitment to increasing share holder return, it had announced a half yearly dividend payout of $0.05 Canadian Dollars per share for the January to June time frame.

This report is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. Financials Trend is not-a-registered-investment-advisor. Financials Trend is not a broker-dealer. Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. Financials Trend accepts no liability for any losses arising from an investor's reliance on the use of this material. Financials Trend sometimes gets compensated up to one hundred and fifty thousand dollars per month for featuring particular stocks. See site disclaimer for complete compensation. Financials Trend and its affiliates or officers currently hold no shares of these stocks. Financials Trend and its affiliates or officers will purchase and sell shares of common stock of these stocks, in the open market at any time without notice. Financials Trend will not update its purchases and sales of these stocks in any future postings on Financials Trend's websites. Certain information included herein is forward-looking within the context of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. The words "may", "would," "will," "expect," "estimate," "anticipate," "believe," "intend," " project," and similar expressions and variations thereof are intended to identify for ward-looking statements. Such forward- looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. *Financials Trend does not set price targets on securities. Never invest into a stock discussed on this web site or in this email alert unless you can afford to lose your entire investment.