Turquoise Hill Resources Ltd (TRQ) Tops Q1 EPS by 4c, Miss on Revenues

Turquoise Hill Resources Ltd (NYSE: TRQ) reported Q1 EPS of $0.04, $0.04 better than the analyst estimate of $0.00. Revenue for the quarter came in at $245.6 million versus the consensus estimate of $253.77 million.

HIGHLIGHTS

• Oyu Tolgoi achieved a strong All Injury Frequency Rate of 0.21 per 200,000 hours worked for the three months ended March 31, 2018.
• Underground development achieved record-level monthly progress during Q1’18, with 2.6 equivalent kilometres completed during the quarter.
• In March 2018, the underground team experienced their highest development month to date.
• Since the restart of development, a total of 10.3 equivalent kilometres of lateral development has been completed.
• Sinking of Shaft 2 was completed in January 2018 and sinking of Shaft 5 was completed in March 2018.
• During Q1’18, underground expansion spend was $270.5 million, resulting in total project spend since January 1, 2016 of approximately $1.4 billion.
• Production from first draw bell remains planned for mid-2020 and sustainable first production in 2021.
• During Q1’18, Oyu Tolgoi produced 38,800 tonnes of copper and 42,000 ounces of gold.
• Revenue of $245.6 million in Q1’18 increased 3.4% over Q1’17 reflecting higher copper and gold prices partly offset by lower concentrate sales volumes.
• For Q1’18, the Company recorded income of $79.7 million and net income attributable to owners of Turquoise Hill of $85.7 million or $0.04 per share.
• Turquoise Hill generated cash flow from operating activities before interest and taxes of $14.7 million in Q1’18.
• For Q1’18, Oyu Tolgoi’s cost of sales was $2.23 per pound of copper sold, C1 cash costs were $1.76 per pound of copper produced and all-in sustaining costs were $2.07 per pound of copper produced1.
• Operating cash costs1 of $176.6 million in Q1’18 increased 4.9% over Q1’17 reflecting higher open pit and concentrator maintenance costs.

For earnings history and earnings-related data on Turquoise Hill Resources Ltd (TRQ) click here.

You May Also Be Interested In

• Gilead Sciences (GILD) Misses Q1 EPS by 288c
• The First Of Long Island (FLIC) Misses Q1 EPS by 3c
• USCB Financial Holdings, Inc. (USCB) Tops Q1 EPS by 2c