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Eldorado Gold (EGO) Updates on Q1 Tax Impacts in Turkiye
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Eldorado Gold Corporation (EGO - Free Report) expects the impacts of Turkish current income tax charges on mining revenues (set at 25%) to be reduced by $9-$12 million for the first quarter of 2024.
The expected decrease is mostly due to investment tax credits for Kisladag and Efemcukuru, as well as inflationary accounting. The decrease was partially offset by taxable unrealized foreign currency gains, resulting from the Lira's weakening against the U.S. dollar in the first quarter.
Eldorado Gold's profits from mining operations in Turkey are taxed at the enacted rate. Consequently, the resulting current income tax expenses can increase or decrease due to other items.
In the fourth quarter of 2023, Eldorado Gold reported earnings of 24 cents, missing the Zacks Consensus Estimate of 21 cents. However, earnings surged 118% from the 11 cents posted in the fourth quarter of 2022. Revenues came in at $307 million, higher than the $246 million reported last year.
The company will release its first-quarter 2024 results on Apr 25, 2024. The Zacks Consensus Estimate for first-quarter earnings is pegged at 17 cents. It posted earnings of 11 cents in the year-ago quarter.
Price Performance
In the past year, shares of Eldorado Gold have gained 39.2% compared with the industry’s growth of 1.1%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Eldorado Gold currently has a Zacks Rank #3 (Hold).
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.39 per share, indicating an increase of 22.7% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.7%. ECL shares have gained 41.8% in a year.
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $4 per share. The consensus estimate for 2024 earnings has moved 1% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 33.5% in a year.
The Zacks Consensus Estimate for Innospec’s 2024 earnings is pegged at $6.72 per share, indicating a year-over-year rise of 10.3%. The Zacks Consensus Estimate for IOSP’s current-year earnings has been revised 2% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 10.5%. The company’s shares have rallied 19.3% in the past year.
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Eldorado Gold (EGO) Updates on Q1 Tax Impacts in Turkiye
Eldorado Gold Corporation (EGO - Free Report) expects the impacts of Turkish current income tax charges on mining revenues (set at 25%) to be reduced by $9-$12 million for the first quarter of 2024.
The expected decrease is mostly due to investment tax credits for Kisladag and Efemcukuru, as well as inflationary accounting. The decrease was partially offset by taxable unrealized foreign currency gains, resulting from the Lira's weakening against the U.S. dollar in the first quarter.
Eldorado Gold's profits from mining operations in Turkey are taxed at the enacted rate. Consequently, the resulting current income tax expenses can increase or decrease due to other items.
In the fourth quarter of 2023, Eldorado Gold reported earnings of 24 cents, missing the Zacks Consensus Estimate of 21 cents. However, earnings surged 118% from the 11 cents posted in the fourth quarter of 2022. Revenues came in at $307 million, higher than the $246 million reported last year.
The company will release its first-quarter 2024 results on Apr 25, 2024. The Zacks Consensus Estimate for first-quarter earnings is pegged at 17 cents. It posted earnings of 11 cents in the year-ago quarter.
Price Performance
In the past year, shares of Eldorado Gold have gained 39.2% compared with the industry’s growth of 1.1%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Eldorado Gold currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Ecolab Inc. (ECL - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Innospec Inc. (IOSP - Free Report) . ECL and CRS sport a Zacks Rank #1 (Strong Buy) at present, and IOSP has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.39 per share, indicating an increase of 22.7% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.7%. ECL shares have gained 41.8% in a year.
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $4 per share. The consensus estimate for 2024 earnings has moved 1% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 33.5% in a year.
The Zacks Consensus Estimate for Innospec’s 2024 earnings is pegged at $6.72 per share, indicating a year-over-year rise of 10.3%. The Zacks Consensus Estimate for IOSP’s current-year earnings has been revised 2% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 10.5%. The company’s shares have rallied 19.3% in the past year.