05:23 PM EDT, 04/25/2024 (MT Newswires) -- Eldorado Gold ( EGO ) edged up in after-hours New York trade after the company on Thursday said its first-quarter adjusted profit more than tripled on higher gold sales and improved prices.

The company said its adjusted profit, which excludes most one-time items, rose to US$55.2 million, or US$0.27 per share, in the period, up from US$16.7 million, or US$0.09, in the year-prior quarter. The results beat the consensus analyst estimate for the measure of US$0.14 per share, according to Capital IQ.

Revenue rose 13% to US$258.0 million from US$227.8 million, as gold sales rose 5.6% to 116,008 ounces, while its average price per ounce rose 8% to US$2,086.

"Across our global portfolio, our operations continued to perform in-line with our expectations during the first quarter, and generated free cash flow of $33.7 million excluding Skouries capital spend. Coming off a strong fourth quarter we anticipated lower production in the first quarter with winter conditions affecting the leach kinetics at Kisladag and ore grade variability across the portfolio. Consolidated gold production continues to be weighted to the second half of 2024," chief executive George Burns said in a release.

All-in sustaining costs rose to US$1,262 per ounce from US$1,207 on higher cash costs and capital spending.

Eldorado reiterated 2024 production guidance of 505,000 to 555,000 ounces.

The company's shares were last seen up US$0.012 to US$14.79 after hours. They closed up C$0.55 to US$20.20 on the Toronto Stock Exchange.