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Avino Silver (ASM) Reports Break-Even Earnings, Lower Sales in Q2
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Avino Silver & Gold Mines Ltd. (ASM - Free Report) reported break-even earnings per share in second-quarter 2023, missing the Zacks Consensus Estimate of earnings of 1 cent per share. The company had reported earnings per share of 2 cents in the prior-year quarter.
Including one-time items, it reported earnings per share of 1 cent in the second quarter, compared with earnings per share of 2 cents in the year-ago quarter.
Avino Silver’s revenues dipped 2% year over year to $9.2 million in the quarter under review, owing to lower concentrate shipments. The top line missed the Zacks Consensus Estimate of $10 million.
Avino Silver reported consolidation production of 587,317 silver equivalent ounces in the second quarter of 2023, which was down 10% year over year. This comprised 232,417 ounces of silver, 1,520 ounces of gold and 1,445,552 pounds of copper. Silver production improved 3%, gold output rose 13% while copper production declined 12%.
Operational Update
The company recorded cash costs of $16.33 per silver equivalent payable ounce, indicating an increase of 95% from the year-ago quarter. Consolidated all-in sustaining costs of $23.06 per silver payable equivalent ounce rose 45% from the prior-year quarter.
Avino Silver reported a mine-operating profit of $1.04 million in the quarter, down 73% from the $3.9 million reported in the prior-year quarter. EBITDA was $0.4 million, plunging 90% from $4.1 million in the year-ago quarter.
Financial Position
Avino Silver ended the second quarter of 2023 with $1.2 million of cash in hand, down from $2.7 million at the end of the first quarter of 2023. Cash provided by operating activities during the quarter was $1.2 million. Capital expenditure for the second quarter of 2023 was $1.8 million.
Price Performance
Shares of the company have declined 0.3% over the past year compared with the industry’s 2% fall.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Avino Silver currently has a Zacks Rank #3 (Hold).
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 $3.23 per share. The consensus estimate for fiscal 2024 earnings has moved 12% north in the past 60 days. Its shares have gained 54% in the last year.
The Zacks Consensus Estimate for PPG Industries’ fiscal 2023 earnings per share is pegged at $7.47, indicating growth of 23.5% from the prior-year actual. Earnings estimates have moved 3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 7.3%. PPG’s shares have gained 0.2% in the past year.
Bunge has an average trailing four-quarter earnings surprise of 20.4%. The Zacks Consensus Estimate for BG’s 2023 earnings is pegged at $12.13 per share. The consensus estimate for 2023 earnings has moved 4% north over the past 60 days. BG’s have shares gained 12% in the last year.
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Avino Silver (ASM) Reports Break-Even Earnings, Lower Sales in Q2
Avino Silver & Gold Mines Ltd. (ASM - Free Report) reported break-even earnings per share in second-quarter 2023, missing the Zacks Consensus Estimate of earnings of 1 cent per share. The company had reported earnings per share of 2 cents in the prior-year quarter.
Including one-time items, it reported earnings per share of 1 cent in the second quarter, compared with earnings per share of 2 cents in the year-ago quarter.
Avino Silver’s revenues dipped 2% year over year to $9.2 million in the quarter under review, owing to lower concentrate shipments. The top line missed the Zacks Consensus Estimate of $10 million.
Avino Silver Price, Consensus and EPS Surprise
Avino Silver price-consensus-eps-surprise-chart | Avino Silver Quote
Avino Silver reported consolidation production of 587,317 silver equivalent ounces in the second quarter of 2023, which was down 10% year over year. This comprised 232,417 ounces of silver, 1,520 ounces of gold and 1,445,552 pounds of copper. Silver production improved 3%, gold output rose 13% while copper production declined 12%.
Operational Update
The company recorded cash costs of $16.33 per silver equivalent payable ounce, indicating an increase of 95% from the year-ago quarter. Consolidated all-in sustaining costs of $23.06 per silver payable equivalent ounce rose 45% from the prior-year quarter.
Avino Silver reported a mine-operating profit of $1.04 million in the quarter, down 73% from the $3.9 million reported in the prior-year quarter. EBITDA was $0.4 million, plunging 90% from $4.1 million in the year-ago quarter.
Financial Position
Avino Silver ended the second quarter of 2023 with $1.2 million of cash in hand, down from $2.7 million at the end of the first quarter of 2023. Cash provided by operating activities during the quarter was $1.2 million. Capital expenditure for the second quarter of 2023 was $1.8 million.
Price Performance
Shares of the company have declined 0.3% over the past year compared with the industry’s 2% fall.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Avino Silver currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Carpenter Technology Corporation (CRS - Free Report) , PPG Industries, Inc. (PPG - Free Report) and Bunge Limited (BG - Free Report) . CRS and PPG sport a Zacks Rank #1 (Strong Buy) at present, and BG has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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 $3.23 per share. The consensus estimate for fiscal 2024 earnings has moved 12% north in the past 60 days. Its shares have gained 54% in the last year.
The Zacks Consensus Estimate for PPG Industries’ fiscal 2023 earnings per share is pegged at $7.47, indicating growth of 23.5% from the prior-year actual. Earnings estimates have moved 3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 7.3%. PPG’s shares have gained 0.2% in the past year.
Bunge has an average trailing four-quarter earnings surprise of 20.4%. The Zacks Consensus Estimate for BG’s 2023 earnings is pegged at $12.13 per share. The consensus estimate for 2023 earnings has moved 4% north over the past 60 days. BG’s have shares gained 12% in the last year.