Why Eldorado Gold Stock Crashed 11% Today
Shares of gold mining company Eldorado Gold (NYSE: EGO) got caught in a landslide this morning, falling 11% through 10:35 a.m. ET after badly missing analyst targets for Q3 earnings last night.
Heading into earnings day, Wall Street had expected Eldorado to report positive profits of $0.06 per share on sales of $228.3 million. Instead, Eldorado lost $0.04 per share, and sales were only $217.7 million.
And that's the good news. The bad news is that Eldorado's $0.04 per share loss was only a pro forma number, not calculated according to generally accepted accounting principles (GAAP). The company's actual GAAP loss for the quarter came to $0.27 per share, and free cash flow for the quarter was also negative -- $25.9 million.
Source Fool.com
