New Gold Inc. (NGD) shares are soaring 5.07% in pre-market trading on Wednesday, following the release of the company's first-quarter earnings report after Tuesday's market close. The Canadian gold mining company delivered results that exceeded analyst expectations, particularly in terms of revenue.
For the quarter ended March 31, New Gold reported adjusted net earnings of $0.02 per diluted share, matching its performance from the same period last year. More impressively, the company's revenue climbed to $209.1 million, a significant increase from $192.1 million in the previous year's first quarter. This robust top-line growth demonstrates New Gold's ability to capitalize on favorable market conditions in the precious metals sector.
The Q1 results surpassed analyst projections, with revenue substantially beating the FactSet consensus estimate of $170.9 million provided by two analysts. While earnings per share met expectations, the notable revenue outperformance appears to be fueling investor optimism. This positive sentiment is likely driving the pre-market rally, as shareholders anticipate potential continued growth and improved profitability for New Gold in the coming quarters.
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