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Pan American (PAAS) Q1 Earnings Miss, Revenues Top Estimates

Pan American Silver Corp. PAAS reported net earnings of $20 million or 13 cents per share for first-quarter 2017, up from the year-ago profit of $1.9 million or a penny per share. Higher net earnings reflect stronger mine operating earnings, partly offset by high cost of sales.

Barring one-time items, adjusted net earnings were 6 cents per share for the quarter, missing the Zacks Consensus Estimate of 8 cents.

Revenues rose 26% year over year to $198.7 million in the reported quarter, beating the Zacks Consensus Estimate of $185 million.

Total cash costs declined 23% year over year in the reported quarter.

Pan American Silver Corp. Price, Consensus and EPS Surprise

Operational Highlights

Total silver production was 6.2 million ounces in the reported quarter, down 3.4% from 6.42 million ounces a year ago. Average realized market price of silver rose 17% year over year to $17.44 per ounce. The consolidated all-in sustaining costs (AISC) for silver were $12.63 per ounce, down 3.7% year over year.

Total gold production was 37,700 ounces in the reported quarter, down 8.5% from 41,200 ounces a year ago. Average market price...


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