Shares of Orla Mining Ltd (AMEX:ORLA) are soaring 5.15% in Wednesday's pre-market trading session following the release of its impressive third-quarter earnings report. The gold mining company has surpassed analyst expectations, demonstrating strong financial performance and growth.
Orla Mining reported adjusted earnings per share of $0.22 for the third quarter, beating the analyst consensus estimate of $0.20 by 10%. This represents a substantial 266.67% increase compared to earnings of $0.06 per share in the same period last year. The significant earnings growth has clearly caught the attention of investors, driving the stock's upward momentum.
While the company's quarterly sales of $274.973 million slightly missed the analyst consensus estimate of $276.568 million by 0.58%, it still marked an impressive 176.89% increase from $99.307 million in the same quarter last year. The substantial year-over-year revenue growth, coupled with the earnings beat, appears to be the primary catalyst for the stock's pre-market surge. Investors seem to be focusing on Orla Mining's ability to expand its operations and improve profitability, overlooking the minor sales miss.
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