Centerra Gold Inc. (CG.TO,CGAU), a Canadian gold mining company, on Tuesday announced that earnings decreased in the first quarter compared with the previous year. Further, the Board has approved a share buyback of up to $75 million.
For the first quarter, net earnings declined to $30.5 million from $66.4 million last year.
Earnings per share were $0.15 versus $0.31 last year.
Adjusted net earnings declined 16 percent to $26.4 million from $31.3 million in the previous year.
Adjusted earnings per share were $0.13 versus $0.15 in the previous year's quarter.
Nine Analysts, on average, had expected the company to report $0.13 per share. Analysts' estimates typically exclude special items.
Revenue decreased 2 percent to $299.5 million from $305.8 million last year.
Centerra's Board of Directors has approved a repurchase of up to $75 million shares in 2025.
Looking ahead, the company expects full year 2025 costs and profitability of Langeloth unit's operations income or loss to range between loss of $3 million to a profit of $5 million.
While the EBITDA is expected for the full year 2025 to range between $2 million and $8 million.
Additionally, the company has updated the mineral resource estimate at Kemess and is advancing project studies, targeting a potential 15-year gold-copper mine with significant existing infrastructure.
Monday, Centerra Gold had closed 1.57% higher at $6.48 on the New York Stock Exchange.
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