New Gold (NYSE: NGD) reported Q1 EPS of ($0.03), $0.04 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $142 million versus the consensus estimate of $227.3 million.

First Quarter Highlights

• Total production for the first quarter was 103,435 gold equivalent (gold eq.) ounces (66,790 ounces of gold, 131,417 ounces of silver and 18.5 million pounds of copper).
• Revenues for the quarter were $142 million.
• Operating expense for the quarter was $864 per gold eq. ounce.
• Total cash costs1,2 for the quarter were $916 per gold eq. ounce.
• All-in sustaining costs (AISC)1,2 for the quarter were $1,446 per gold eq. ounce.
• Net loss from operations for the quarter was $28 million ($0.04 per share).
• Adjusted net loss2 for the quarter was $18 million ($0.03 per share).
• Cash generated from operations for the quarter was $51 million ($0.08 per share). Operating cash flow generated from operations for the quarter, before non-cash changes in working capital2, was $47 million ($0.07 per share).
• As of the end of the quarter, the Company had available liquidity of approximately $600 million, including approximately $400 million in cash and cash equivalents.
• On April 15, 2020, the Company announced that due to the rapidly changing and unpredictable environment caused by the spread of the COVID-19 virus, guidance for 2020 has been withdrawn.

“We are encouraged by the financial results for the quarter as they were impacted by the 2-week suspension at Rainy River in the latter part of March, and the enhanced COVID-19 safety protocols put in place at both operations. Following the close of a strategic $300 million partnership with the Ontario Teachers' Pension Plan, the Company now has a strong liquidity position of $600 million, which is more than adequate to fund our business during this COVID-19 period.” stated Renaud Adams, CEO. “Throughout this challenging time, New Gold will continue to prioritize the safety and well-being of our employees and local communities and we will continue to work with local governments as well as our Indigenous and community leaders to implement and coordinate actions to reduce the risk of the spread of COVID-19.”

For earnings history and earnings-related data on New Gold (NGD) click here.