Pan American Silver (PAAS) Halts Operation at La Colorada Mine
Pan American Silver Corp. PAAS announced that all operations at its La Colorada mine in Mexico had been temporarily halted. This was done following an armed robbery of two concentrate trailers in the early hours of Oct 05, 2023.
The suspension will continue until Pan American Silver determines when to resume operations.
No personnel was injured during the incident and the mine site is now secure. However, to further ensure the safety and security of its personnel, Pan American Silver has suspended operations, project work and exploration at the mine. The suspension will remain in effect until it is safe to resume operations.
PAAS has activated care and maintenance activities at the mine. Moreover, it is working with state and federal authorities on this issue.
In the second quarter of 2023, Pan American Silver reported adjusted earnings per share of 4 cents, missing the Zacks Consensus Estimate of 8 cents. PAAS reported an adjusted loss per share of 3 cents in the year-ago quarter.
Pan American Silver’s revenues surged 87.9% year over year to $640 million in the quarter under review, reflecting the expanded operating base after the Yamana acquisition. However, the top line missed the Zacks Consensus Estimate of $648 million. The average realized silver price in the quarter increased 2% year over year to $23.45 per ounce. The average realized gold price was up 6.8% year over year to $1,975 per ounce.
Price Performance
Shares of Pan American Silver have lost 17.8% in the past year compared with the industry’s fall of 18.4%.
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Zacks Rank & Stock to Consider
Pan American Silver currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Hawkins, Inc. HWKN, Carpenter Technology Corporation CRS and L.B. Foster Company FSTR. HWKN and CRS sport a Zacks Rank #1 (Strong Buy) at present, and FSTR carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Hawkins has an average trailing four-quarter earnings surprise of 25.5%. The Zacks Consensus Estimate for HWKN’s fiscal 2024 earnings is pegged at $3.40 per share. The consensus estimate for 2024 earnings has moved 38% north in the past 60 days. Its shares gained 58% in the last year.
Carpenter Technology has an average trailing four-quarter earnings surprise of 10%. The Zacks Consensus Estimate for CRS’s fiscal 2024 earnings is pegged at $3.48 per share. The consensus estimate for 2023 earnings has moved 8% north in the past 60 days. Its shares gained 109.6% in the last year.
L.B. Foster has an average trailing four-quarter earnings surprise of 134.5%. The Zacks Consensus Estimate for FSTR’s 2023 earnings is pegged at 53 cents per share. Earnings estimates have been unchanged in the past 60 days. FSTR’s shares gained 98.4% in the last year.
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