Turquoise Hill Resources Earnings: Here’s Why Shares are Down Now
Turquoise Hill Resources Ltd. (NYSE:TRQ) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.16%.
Turquoise Hill Resources Ltd. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.17 in the quarter versus EPS of $-0.06 in the year-earlier quarter.
Revenue: Decreased 18.53% to $41.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: reported adjusted EPS loss of $0.17 per share. By that measure, the company missed the mean analyst estimate of $-0.04. It beat the average revenue estimate of $31.62 million.
Quoting Management: ”I want to commend the team at Oyu Tolgoi for their impressive work in preparing the mine for operations. We’re on track for the start of commercial operations by the end of June, subject to the resolution of matters being discussed with the Mongolian government.” said Kay G. Priestly, Chief Executive Officer. “We continue to expect final Phase 1 CapEx of $6.2 billion, which is within 3% of budget. This is quite an accomplishment given the cost pressures the industry has experienced over the last several years.”
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