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Earnings Call Summary | Largo Resources(LGO.US) Q1 2024 Earnings Conference

Futu News ·  May 17 08:17  · Conference Call

The following is a summary of the Largo Inc. (LGO) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • Largo's revenues for Q1 2024 were reported to be $42.2 million, a decrease from their Q1 2023 revenues of $57.4 million due primarily to lowered vanadium prices.

  • Operating costs for the quarter stood at $49.7 million, up from the previous year's $45.9 million.

  • A net loss of $13 million was reported, including $4.4 million designated as non-recurring items.

  • Basic loss per share increased to $0.20 from $0.02.

Business Progress:

  • Largo is committed to enhancing production efficiencies and dropping cash costs to counterbalance low vanadium prices and return to profitability.

  • Projected reductions in operating and capital expenditures for 2024 amount to approximately BRL40 million and BRL12 million respectively, reflecting the implementation of productivity initiatives and cost-saving measures.

  • The company is progressing on a strategic partnership with Straton Energy in a bid to expand its Clean Energy business and energy storage product range.

More details: Largo Resources IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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