05:30 PM EDT, 10/29/2024 (MT Newswires) -- New Gold ( NGD ) was last seen up 2.4% in after-hours New York trading after the company on Tuesday said it swung to a profit in the third quarter on higher revenue.

The company which operates two mines, in Ontario and British Columbia, said it earned US$37.9 million, or US$0.05, in the period, compared with a loss of US$2.7 million, or nil, in the year-prior quarter.

It adjusted profit, excluding most one-time items, rose to US$64.3 million, or US$0.08, from US$23.1 million, or US$0.03.

Revenue rose 25% to US$252 million from US$201.3 million.

The company said it expects gold production to be slightly below its guidance, with copper output and costs running in line or better than its forecast.

"The Company continues to expect the fourth quarter of 2024 to be its strongest quarter of the year, concluding a successful year that has seen New Gold ( NGD ) reach its free cash flow inflection point and deliver on key project milestones in pursuit of our objective to target a sustainable production platform of approximately 600,000 gold equivalent ounces per year until at least 2030," chief executive Patrick Godin noted.

New Gold ( NGD ) shares were last seen up US$0.07 to US$2.91 after hours. They closed up $0.08 to $4.05 on the Toronto Stock Exchange.