May 6, 2010 / 8:56 PM / 8 years ago

UPDATE 1-Canada's New Gold Q1 earnings meet estimates

*Q1 EPS $0.04 vs est $0.04

* Q1 rev more than doubles to $101.6 mln

* Reiterates FY production outlook

May 7 (Reuters) - Canadian gold miner New Gold (NGD.TO) posted first-quarter earnings that met expectations, helped by an increase in gold sales, and said it backed its full-year production outlook.

“”Through the rest of 2010 and going forward, we will continue our focus on delivering increased production at lower costs and will strive to further increase the value of our portfolio of operating and development assets,” the company said in a statement.

The company posted net earnings from continuing operations of $17.2 million, or 4 cents a share, compared with $12.1 million, or 6 cents a share, a year ago.

Revenue for the quarter more than doubled to $101.6 million.

Analysts on average were expecting earnings of 4 cents a share, according to Thomson Reuters I/B/E/S.

Gold sales for the quarter increased by 44 percent to 80,020 ounces.

The company said it expects 2010 gold production of 330,000 ounces of gold to 360,000 ounces of gold at total cash cost of $445 to $465 per ounce sold, net of by-product sales.

Shares of the company closed at C$5.94 Thursday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Jarshad Kakkrakandy)

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