NEW GOLD INC. (AMEX:NGD) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 3.13%.
NEW GOLD INC. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 60% to $0.04 in the quarter versus EPS of $0.10 in the year-earlier quarter.
Revenue: Rose 19.58% to $201.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: NEW GOLD INC. reported adjusted EPS income of $0.04 per share. By that measure, the company missed the mean analyst estimate of $0.1. It missed the average revenue estimate of $264.58 million.
Quoting Management: “The first quarter provided a solid start to the year for our company. Consistent with our plans, the operations are expected to have progressively stronger quarters as we move through 2013. We look forward to quarterly increases in gold production and cash flow as a result,” stated Randall Oliphant , Executive Chairman. “Beyond our focus on operations, we see continued scope to add meaningful value to our portfolio of assets with today’s New Afton C-Zone update being just one example. For the C-Zone resource base to have already grown so substantially after just eight months of exploration is a testament to the continued potential of this mine.”
Key Stats (on next page)…