Pan American Silver Corp. (PAAS) reported first-quarter 2021 adjusted earnings per share of 18 cents, missing the Zacks Consensus Estimate of 31 cents. The company had reported adjusted earnings per share of 10 cents in the year-ago quarter. The pandemic-related challenges unfavorably impacted the company’s quarterly results.
Including one-time items, the company reported a loss per share of 4 cents in the first quarter compared with the year-ago quarter’s 37 cents.
Pan American Silver’s revenues improved 2.8% year over year to $368 million during the March-end quarter. The top-line figure, however, missed the Zacks Consensus Estimate of $465 million. Revenues in the reported quarter were affected by increase in inventory. Average realized silver price during the quarter jumped 60% year over year to $26.41 per equivalent ounce. Average realized gold price also increased 13.2% year over year to 1,788 per equivalent ounce.
Operational Update
Consolidated silver production for the quarter was 4.6 million ounces, down 17.8% year over year, primarily due to reduced production at LaColorada and Dolores. Consolidated gold production of 137.6 thousand ounces during the March-end quarter reflects a year-over-year decline of 11.5% on lower production at Timmins.
Silver segment’s cash costs were $12.30 per ounce in the first quarter, up 50.3% from the year-ago period. The segment’s all-in sustaining costs (AISC) costs were also up 11.3% year over year to $16.99 per ounce in the quarter. Gold segment’s cash costs were $846 per ounce, up 11.7% from the year-earlier quarter. The segment AISC costs came in at $1,058 per ounce in the January-March period, reflecting a year-over-year increase of 9.2%.
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