雅虎香港財經 First Majestic (AG) Q4 Earnings Top Estimates, Revenues Dip Y/Y
First Majestic Silver Corp AG reported an adjusted loss per share of 3 cents in fourth-quarter 2023, which beat the Zacks Consensus Estimate of a loss of 4 cents. The company had reported a loss of 7 cents per share in the year-ago quarter.
Including one-time items, AG delivered earnings of 4 cents per share in the reported quarter against a loss per share of 6 cents in the year-earlier quarter.
First Majestic’s revenues decreased 7.6% year over year to $137 million in the quarter under review. The average realized silver price was $24.16 per payable silver equivalent ("AgEq") ounce in the quarter, up 4% year over year.
First Majestic Silver Corp. Price, Consensus and EPS Surprise
First Majestic Silver Corp. price-consensus-eps-surprise-chart | First Majestic Silver Corp. Quote
AG’s total production in the fourth quarter was 6.6 million AgEq ounces, 6% higher than the prior-quarter. The increase was mainly due to record quarterly production at Santa Elena. This was partially offset by lower silver production at La Encantada due to ongoing limited water availability. The figure consists of 2.6 million ounces of silver and 46,585 ounces of gold. On a year-over-year basis, AgEq ounces produced were down 12%. Silver production was up 9% year over year, whereas gold production decreased 29%.
Operational Update
The company recorded cash costs per AgEq ounce of $13.01, down 15.3% from the year-ago quarter. Consolidated all-in-sustaining costs (AISC) of $18.50 per AgEq ounce was 10.6% lower than the prior-year quarter.
First Majestic reported a mine-operating profit of $17.9 million in the quarter against the mine-operating loss of $13.3 million in the year-ago quarter.
Financial Position
AG ended the fourth quarter of 2023 with $126 million of cash in hand. Operating cash flow before movement in working capital and taxes was $36.3 million in the quarter under review compared with the prior-year quarter's $13.4 million.
2023 Performance
AG generated annual revenues of $573.8 million in 2023, down 8.1% from 2022. This was primarily due to the temporary suspension of mining activities at Jerritt Canyon in March 2023.
The company reported an adjusted loss of 8 cents per share in 2023 compared with an adjusted loss of 21 cents in 2022. The Zacks Consensus Estimate was pegged at a loss of 1 cent. Including one-time items, the company reported a loss of 48 cents per share compared with a loss of 43 cents per share in 2022.
Price Performance
Shares of the company have fallen 23.1% in the past year compared with the industry’s 8.7% decline.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
First Majestic currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, Ecolab Inc. ECL and Alpha Metallurgical Resources, Inc. AMR. These three companies currently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $3.96 per share. The consensus estimate for 2024 earnings has moved 11% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 29.8% in a year.
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.39 per share, indicating an increase of 22.7% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.7%. ECL shares have gained 34.3% in a year.
Alpha Metallurgical Resources has an average trailing four-quarter earnings surprise of 9.6%. The Zacks Consensus Estimate for AMR’s 2024 earnings is pegged at $43.05 per share. Earnings estimates have moved 48% north in the past 60 days. AMR shares rallied 132% last year.
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