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Pan American Silver Corp. PAAS logged a profit of $48.2 million or 31 cents per share for first-quarter 2018, marking a more than two-fold rise from the year-ago profit of $20 million or 13 cents per share. The results in the reported quarter include a $8 million gain from the company's sale of its full ownership of Minera Aquiline Argentina SA that owns the Calcatreu project in Argentina.
Barring one-time items, adjusted earnings were 20 cents per share for the quarter, beating the Zacks Consensus Estimate of 18 cents.
Revenues rose around 4% year over year to $207 million in the reported quarter, but missed the Zacks Consensus Estimate of $220 million.
Cash costs declined roughly 81% year over year to $1.18 per ounce in the reported quarter, the lowest in a decade.
Pan American Silver Corp. Price, Consensus and EPS Surprise
Pan American Silver Corp. Price, Consensus and EPS Surprise | Pan American Silver Corp. Quote
Total silver production was 6.1 million ounces in the reported quarter, down roughly 2% from 6.2 million ounces a year ago. Average realized market price of silver fell around 4% year over year to $16.78 per ounce. All-in sustaining costs per silver ounce sold (AISCSOS) were $6.98, down around 45% year over year.
Total gold production was around 46,230 ounces in the reported quarter, up roughly 23% year over year. Average market price of gold rose roughly 9% year over year to $1,333 per ounce in the first quarter.
Pan American Silver exited the quarter with cash and cash equivalents of $167.3 million, down 19% year over year. The company had no bank debt.
Net cash generated from operating activities was $34.4 million for the reported quarter, down roughly 11% year over year.
For 2018, Pan American Silver continues to expect silver production in the range of 25–26.5 million ounces. It sees gold production in the range of 175,000–185,000 ounces. Cash costs are expected in the range of $3.60–$4.60 per ounce, while AISCSOS has been projected in the band of $9.30 to $10.80 for 2018.
Pan American Silver’s shares have gained 19.7% in the last six months, outperforming the roughly 15.4% gain recorded by its industry.
Zacks Rank and Other Stocks to Consider
Pan American Silver currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Celanese Corporation CE, Huntsman Corporation HUN and Methanex Corporation MEOH.
Celanese has an expected long-term earnings growth rate of 8.9% and flaunts a Zacks Rank #1 (Strong Buy). Its shares have gained roughly 24% over a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Huntsman has an expected long-term earnings growth rate of 8.3% and flaunts a Zacks Rank #1. The company’s shares have moved up around 20% in a year.
Methanex has an expected long-term earnings growth rate of 15% and carries a Zacks Rank #2 (Buy). Its shares have rallied roughly 59% over a year.
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