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Avino Silver (ASM) Posts Break-Even Earnings in Q3, Shares Gain
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Avino Silver & Gold Mines Ltd.’s (ASM - Free Report) shares have gained 5% since it reported third-quarter results on Nov 10. Record production numbers at the Avino mine during the quarter led to a 385% surge in its top line despite lower metal prices throughout the quarter.
ASM reported third-quarter 2022 break-even adjusted earnings per share that missed the Zacks Consensus Estimate of earnings of 2 cents per share. The company had reported a loss of 1 cent per share in the prior-year quarter.
Including one-time items, the company reported a loss of 1 cent per share in the third quarter against break-even earnings in the year-ago quarter.
Avino Silver’s revenues skyrocketed 385% year over year to $9.1 million in the quarter under review. However, the top line missed the Zacks Consensus Estimate of $12 million.
ASM reported record consolidation production of 778,008 silver equivalent ounces in the quarter, marking a 173% increase year over year. This comprised 285,444 ounces of silver, 1,201 ounces of gold, and 2,101,635 pounds of copper.
The company recorded cash costs of $10.29 per silver equivalent payable ounce, indicating a 166% surge from the year-ago quarter. Consolidated all-in sustaining costs (“AISC”) of $17.32 per silver payable equivalent ounce came in 32% lower than the prior-year quarter.
Avino Silver reported a mine-operating profit of $2 million in the quarter, a solid 143% rise from $0.8 million in the prior-year quarter. EBITDA was $0.1 million against a loss of $0.2 million in the year-ago quarter.
Financial Position
Avino Silver ended the third quarter of 2022 with $10.9 million of cash in hand, down from the $24.8 million at the 2021-end. Cash flow from operations during the quarter was $1.6 million.
Capital expenditures for the quarter were $2.7 million. So far in the year, ASM has spent $6.1 million on capital expenditures. The company expects total capital expenditure for 2022 in the range of $7 million to $9 million.
Price Performance
Image Source: Zacks Investment Research
Shares of the company have fallen 35.4% over the past year compared with the industry’s decline of 29.6%.
Zacks Rank & Stocks to Consider
Avino Silver currently carries a Zacks Rank #4 (Sell).
Sociedad has a projected earnings growth rate of 538.1% for the current year. The Zacks Consensus Estimate for SQM’s current-year earnings has been revised 1.2% upward in the past 60 days.
Sociedad has a trailing four-quarter earnings surprise of roughly 27.2%. SQM has rallied around 60% in a year.
The Zacks Consensus Estimate for CMC's current-year earnings has been revised 3.8% upward in the past 60 days. Commercial Metals’ earnings beat the Zacks Consensus Estimate in each of the last four quarters.
CMC has a trailing four-quarter earnings surprise of roughly 19.7%, on average. The company’s shares have gained around 38% in a year.
Reliance Steel has a projected earnings growth rate of 29.7% for the current year. The Zacks Consensus Estimate for RS's current-year earnings has been revised 0.1% upward in the past 60 days.
Reliance Steel’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 13.6%, on average. RS has gained around 23% in a year.
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Avino Silver (ASM) Posts Break-Even Earnings in Q3, Shares Gain
Avino Silver & Gold Mines Ltd.’s (ASM - Free Report) shares have gained 5% since it reported third-quarter results on Nov 10. Record production numbers at the Avino mine during the quarter led to a 385% surge in its top line despite lower metal prices throughout the quarter.
ASM reported third-quarter 2022 break-even adjusted earnings per share that missed the Zacks Consensus Estimate of earnings of 2 cents per share. The company had reported a loss of 1 cent per share in the prior-year quarter.
Including one-time items, the company reported a loss of 1 cent per share in the third quarter against break-even earnings in the year-ago quarter.
Avino Silver’s revenues skyrocketed 385% year over year to $9.1 million in the quarter under review. However, the top line missed the Zacks Consensus Estimate of $12 million.
ASM reported record consolidation production of 778,008 silver equivalent ounces in the quarter, marking a 173% increase year over year. This comprised 285,444 ounces of silver, 1,201 ounces of gold, and 2,101,635 pounds of copper.
Avino Silver Price, Consensus and EPS Surprise
Avino Silver price-consensus-eps-surprise-chart | Avino Silver Quote
Operational Update
The company recorded cash costs of $10.29 per silver equivalent payable ounce, indicating a 166% surge from the year-ago quarter. Consolidated all-in sustaining costs (“AISC”) of $17.32 per silver payable equivalent ounce came in 32% lower than the prior-year quarter.
Avino Silver reported a mine-operating profit of $2 million in the quarter, a solid 143% rise from $0.8 million in the prior-year quarter. EBITDA was $0.1 million against a loss of $0.2 million in the year-ago quarter.
Financial Position
Avino Silver ended the third quarter of 2022 with $10.9 million of cash in hand, down from the $24.8 million at the 2021-end. Cash flow from operations during the quarter was $1.6 million.
Capital expenditures for the quarter were $2.7 million. So far in the year, ASM has spent $6.1 million on capital expenditures. The company expects total capital expenditure for 2022 in the range of $7 million to $9 million.
Price Performance
Image Source: Zacks Investment Research
Shares of the company have fallen 35.4% over the past year compared with the industry’s decline of 29.6%.
Zacks Rank & Stocks to Consider
Avino Silver currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the basic materials space are Sociedad Quimica y Minera de Chile S.A. (SQM - Free Report) , Commercial Metals Company (CMC - Free Report) and Reliance Steel & Aluminum Co. (RS - Free Report) . While SQM and CMC sport a Zacks Rank #1 (Strong Buy), RS carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Sociedad has a projected earnings growth rate of 538.1% for the current year. The Zacks Consensus Estimate for SQM’s current-year earnings has been revised 1.2% upward in the past 60 days.
Sociedad has a trailing four-quarter earnings surprise of roughly 27.2%. SQM has rallied around 60% in a year.
The Zacks Consensus Estimate for CMC's current-year earnings has been revised 3.8% upward in the past 60 days. Commercial Metals’ earnings beat the Zacks Consensus Estimate in each of the last four quarters.
CMC has a trailing four-quarter earnings surprise of roughly 19.7%, on average. The company’s shares have gained around 38% in a year.
Reliance Steel has a projected earnings growth rate of 29.7% for the current year. The Zacks Consensus Estimate for RS's current-year earnings has been revised 0.1% upward in the past 60 days.
Reliance Steel’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 13.6%, on average. RS has gained around 23% in a year.