05:17 PM EDT, 05/07/2024 (MT Newswires) -- Ero Copper ( ERO ) on Tuesday said its first-quarter adjusted profit fell 25% but topped expectations.

The Brazilian copper and gold producer said its first-quarter adjusted profit, which excludes most one-time items, fell to US$16.8 million, or US$0.16 per share, from US$22.5 million, or US$0.24, in the year-prior quarter. The result topped the consensus estimate for the measure of US$0.13 per share, according to Capital IQ

Revenue rose 4.8% to US$105.8 million from US$101.0 million.

The company said the budget for its Tucuma project remains unchanged at US$310 million and is expected to produce its first copper concentrate before the end of September.

"Our first quarter financial results also showcase Xavantina's strong performance and reflect the sale of copper concentrate inventories carried over from the fourth quarter of 2023 at the Caraiba Operations. Combined with a strengthening gold and copper price environment, we are off to a solid start to 2024," chief executive David Strang said in a release.

The company raised its guidance targets for gold production to between 60,000 and 65,000 ounces, a 5,000-ounce increase, while saying it still expects to produce between 59,000 and 72,000 tonnes, weighted to the second quarter.

Ero shares closed down C$0.26 to C$28.70 on the Toronto Stock Exchange.