07:30 AM EDT, 05/14/2024 (MT Newswires) -- Centerra Gold ( CGAU ) on Tuesday said it swung to adjusted net earnings for the first quarter.

The miner posted adjusted net earnings of US$31.3 million, or US$0.15 per share, improving from a loss of US$52.9 million, or US$0.24 per share.

Analysts polled by S&P CapIQ estimated Centerra's normalized EPS at US$0.13.

Revenue jumped 35% to US$305.8 million while gold production surged 235% to 111,341 ounces.

Centerra declared a quarterly dividend of $0.07 per share.

"Centerra had a strong quarter of operating performance with production and costs outperforming our expectations," President and CEO Paul Tomory said. "We continue to believe that Centerra is well positioned to achieve its 2024 guidance, as we are delivering on our value maximizing strategy for the company's portfolio of assets."

For 2024, Centerra expects the reclamation costs at the Kemess project in British Columbia to reach US$19 million to US$25 million, down from the previous estimate of US$24 million to US$30 million.

The miner also anticipates an increase in taxes for the Oksut mine in Turkey to the range of US$54 million to US$60 million from the previous guidance of US$46 million to US$52 million due to higher gold prices.

Centerra's share price was up 2.9% to US$6.70 at last look in US pre-market trading.