The company - which has assets in Turkey, Canada, Greece, and Romania - produced 93,209oz Au in the first three months of 2022, which was down 17% year-on-year and 24% weaker than Q4 2021.
The company cited absenteeism issues across all countries with operating assets, including Canada, Turkey and Greece.
Weather and power issues also affected operations in Turkey and Greece.
Canaccord Genuity Capital Markets analyst Carey MacRury said CG had forecast production of 117,000oz Au for the quarter, but expressed some confidence in the company still reaching its 2022 guidance.
"The midpoint of guidance implies about 127,000oz Au/quarter for the remainder of the year, which is not far off from the 123,000-125,000oz achieved over Q3-Q4/21," he said.
BMO Capital Market's Brian Quast said the production was "well below" BMO's forecast of 107,500oz.
On April 13, Eldorado's share price on the Toronto Stock Exchange was at a 14-month high of C$15.28 (US$12.17), which was up 3% day-on-day. The company had a market capitalisation of C$2.8 billion.