Eldorado Gold Corp (USA) (NYSE:EGO): Stock Performs Well Despite Bearish Gold Outlook


Dallas, Texas 12/11/2014 (FINANCIALSTRENDS) – Eldorado Gold Corp (USA) (NYSE:EGO) has delivered roughly 24.5% returns over the trailing twelve months. The stock has gained 5.5% since the announcement of its 3Q14 financial and operational results.

Eldorado delivered strong quarter with al mines performing to plan and advancement of its exploration targets. The Company CEO, Paul Wright said that the company is advancing its development projects and has marked significant progress at Skouries. It completed mill foundations at the facility, while the ball and SAG mill installations are currently undergoing. The company continued to sustain its position as a leading low-cost operator, delivering promises in today’s volatile markets.

Financial Performance

Eldorado Gold Corp (USA) (NYSE:EGO) reported gold revenues of $241.2 million in 3Q14 as compared to $266.4 million in 3Q13. The company reported gold sales of 189,321 ounces at an average realized price of $1,274 per ounce during 3Q14. This compares to gold sales of 199,117 ounces at an average realized price of $1,338 per ounce in the prior year quarter.

However, Eldorado’s net profit almost halved to $19.8 million or $0.03 per basic and diluted common share in 3Q14 from $36.4 million in 3Q13. The company ended 3Q14 with strong liquidity balance of $937.3 million, including $375.0 million in lines of credit and $562.3 million in cash, cash equivalents and term deposits.

Corporate Highlights

Eldorado Gold Corp (USA) (NYSE:EGO) expected construction of the tailings dam at Skouries to begin in the fourth quarter. The company also commenced Feasibility Study at Certej to improve the metallurgical design and reported further exploration success at the Piavitsa project in Greece, where it completed over 6,000 meters of exploration drilling. At the White Mountain in China, it completed over 7,500 meters of exploration drilling.

The company also announced the appointment of Pamela Gibson and John Webster as two new members to its Board of Directors.

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