Brenda O’Farrell
Investing.com – Shares of Eldorado Gold Corp (TSX:ELD) were soaring Friday, rising more than 24% after unveiling a spectacular fourth-quarter earnings report yesterday that highlighted a 106.7% jump in revenues.
Revenues for the three-month period that ended Dec. 31 increased to $191.9 million, up from $92.8 million for the same period the previous year.
In adjusted earnings, the Vancouver-based gold and base metal producer reported $20.3 million for the quarter compared with a $18.9-million loss for the same period the year before.
Just after 1 p.m., shares of Eldorado Gold hit $12.47, marking their second highest point in the last year. Last September, shares struck a peak of $13.20. In the last year the stock has gained almost 74%.
In a statement released Thursday, Eldorado Gold forecasted that 2020 would be the third consecutive year of increased gold production, offering guidance that it would produce between 520,000 and 550,000 ounces of gold, compared with 395,331 ounces produced in 2019.
The company also forecasted five-year production from its four current mining sites to average more than 450,000 ounces of gold per year.