First Majestic Silver lifts Q2 earnings, misses expectations
TORONTO (miningweekly.com) – Mexico-focused silver producer First Majestic Silver on Wednesday reported that net earnings for the three months ended June rose to $7.6-million, or $0.06 a share, compared with $200 000, or nil a share, in the same quarter last year.
The TSX-listed miner said, excluding special items, profit fell to $0.02 a share, compared with $0.07 in the same period last year. Analysts had, on average, expected earnings of $0.07 a share, based on revenue of $65.67-million.
Revenues for the quarter grew to $66.9-million, up 38% year-on-year from $48.4-million last year. Mine operating earnings were $9.5-million, down from $14.3-million in the previous year.
The company, which operates five silver mines in Mexico, maintained its full-year output guidance of between 12.7-million ounces and 13.3-million ounces of silver and 14.8-million ounces to 15.6-million silver equivalent ounces.
However, owing to the revised timing of the La Encantada expansion project, owing to budget cuts, the company was modifying its expected cost guidance for 2014. Full-year cash cost was expected to remain in line with the previous full-year guidance of $8.67/oz to $9.12/oz of payable silver, but sustaining costs were expected to rise from the original range of $4.66/oz to $4.90/oz to between $5.40/oz and $5.56/oz.
Including some improvements in general and administration costs and lower share-based payments, the revised all-in sustaining costs were now expected to range from $16.66/oz to $16.96/oz compared with the previous guidance of $15.87/oz to $16.69/oz.
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