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MAG Silver (MAG) Q3 Earnings Miss Estimates, Increase Y/Y
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MAG Silver Corp. (MAG - Free Report) reported adjusted earnings per share of 9 cents for third-quarter 2023, missing the Zacks Consensus Estimate of earnings of 18 cents. The company had reported earnings per share of 8 cents in the year-ago quarter.
The net income for the quarter was $8.9 million compared with $8.2 million in the third quarter of 2022. MAG Silver’s principal asset is the Juanicipio Project in Zacatecas, Mexico. The company has a 44% interest in Juanicipio and the remaining 56% stake is with its operator, Fresnillo Plc (FNLPF - Free Report) . Juanicipio completed its commissioning and ramp-up stage with Fresnillo, and achieved a nameplate capacity of 4,000 tpd in the quarter.
MAG recorded income of $13.7 million from Juanicipio in the third quarter of 2023 compared with $11.8 million in the prior-year quarter. This included a 44% share of net income from the sale of pre-production development and stope material, as well as loan interest earned on mining assets brought into use.
MAG Silver Corporation Price, Consensus and EPS Surprise
At the end of third-quarter 2023, MAG Silver had a cash balance of $58.5 million compared with $30 million at the end of December 2022, with no long-term debt.
In the third quarter of 2023, 322,249 tons of mineralized material were processed across the Juanicipio and Saucito plants.
Price Performance
Shares of MAG Silver have lost 37% in the past year compared with the industry’s fall of 13.4%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
The company currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation (CRS - Free Report) and Universal Stainless & Alloy Products, Inc. (USAP - Free Report) . CRS sports a Zacks Rank #1 (Strong Buy) at present and USAP carries 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 14.3%. The Zacks Consensus Estimate for CRS’ fiscal 2024 earnings is pegged at $3.57 per share. The consensus estimate for 2024 earnings has moved 3% north in the past 60 days. Its shares have gained 66% in a year.
Universal Stainless & Alloy Products has an average trailing four-quarter earnings surprise of 44.4%. The Zacks Consensus Estimate for USAP’s 2023 earnings is pegged at 27 cents per share. Earnings estimates have been unchanged in the past 60 days. USAP’s shares gained 87% in the last year.
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MAG Silver (MAG) Q3 Earnings Miss Estimates, Increase Y/Y
MAG Silver Corp. (MAG - Free Report) reported adjusted earnings per share of 9 cents for third-quarter 2023, missing the Zacks Consensus Estimate of earnings of 18 cents. The company had reported earnings per share of 8 cents in the year-ago quarter.
The net income for the quarter was $8.9 million compared with $8.2 million in the third quarter of 2022. MAG Silver’s principal asset is the Juanicipio Project in Zacatecas, Mexico. The company has a 44% interest in Juanicipio and the remaining 56% stake is with its operator, Fresnillo Plc (FNLPF - Free Report) . Juanicipio completed its commissioning and ramp-up stage with Fresnillo, and achieved a nameplate capacity of 4,000 tpd in the quarter.
MAG recorded income of $13.7 million from Juanicipio in the third quarter of 2023 compared with $11.8 million in the prior-year quarter. This included a 44% share of net income from the sale of pre-production development and stope material, as well as loan interest earned on mining assets brought into use.
MAG Silver Corporation Price, Consensus and EPS Surprise
MAG Silver Corporation price-consensus-eps-surprise-chart | MAG Silver Corporation Quote
At the end of third-quarter 2023, MAG Silver had a cash balance of $58.5 million compared with $30 million at the end of December 2022, with no long-term debt.
In the third quarter of 2023, 322,249 tons of mineralized material were processed across the Juanicipio and Saucito plants.
Price Performance
Shares of MAG Silver have lost 37% in the past year compared with the industry’s fall of 13.4%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
The company currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation (CRS - Free Report) and Universal Stainless & Alloy Products, Inc. (USAP - Free Report) . CRS sports a Zacks Rank #1 (Strong Buy) at present and USAP carries 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 14.3%. The Zacks Consensus Estimate for CRS’ fiscal 2024 earnings is pegged at $3.57 per share. The consensus estimate for 2024 earnings has moved 3% north in the past 60 days. Its shares have gained 66% in a year.
Universal Stainless & Alloy Products has an average trailing four-quarter earnings surprise of 44.4%. The Zacks Consensus Estimate for USAP’s 2023 earnings is pegged at 27 cents per share. Earnings estimates have been unchanged in the past 60 days. USAP’s shares gained 87% in the last year.