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Americas Gold and Silver (USAS) Q4 Earnings Miss Estimates
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Americas Gold and Silver (USAS - Free Report) reported a loss per share of 4 cents for fourth-quarter 2023, which missed the Zacks Consensus Estimate of a loss of 3 cents per share. USAS had reported a loss per share of 4 cents in the fourth quarter of 2022.
The company recorded a net loss of $10.1 million for the fourth quarter of 2023 compared with a net loss of $11.0 million in the year-ago quarter. The decrease in net loss was primarily attributable to higher net revenues and increased income tax recovery, which was somewhat offset by higher impairment to property, plant and equipment at Relief Canyon, and higher interest and financing expenses.
Americas Gold and Silver’s revenues were around $25 million in the fourth quarter of 2023, which marked a 23% increase from the year-ago quarter. Higher silver production and realized silver price at the Cosalá Operations and Galena Complex, as well as a decrease in total treatment and selling costs, were offset by lower base metal production and lower realized zinc price at Cosalá.
Americas Gold and Silver Corporation Price, Consensus and EPS Surprise
USAS’ silver production rose 17% to approximately 0.58 million ounces in the fourth quarter of 2023 from 0.38 million ounces in the fourth quarter of 2022, indicating a 55% increase.
The company’s attributable cash costs of $14.24 per ounce of silver produced were significantly higher than $3.62 per ounce of silver in the fourth quarter of 2022. All-in-sustaining costs of $21.05 per ounce of silver produced during the quarter were higher than $14.89 per ounce in the year-ago quarter.
Cash Position
Americas Gold and Silver ended 2023 with a cash and cash equivalents balance of $2.1 million and an adjusted working capital deficit of $22.8 million. Cash used in operating activities (net of changes in non-cash working capital items) was around $1 million in 2023 compared with $1.2 million in the prior year.
2023 Performance
For 2023, USAS reported a loss of 16 cents per share, which was wider than the Zacks Consensus Estimate of a loss of 15 cents per share. The company had reported a loss of 23 cents per share in 2022. The year-over-year improvement was primarily due to a decrease in impairment to property, plant and equipment at Relief Canyon.
Total revenues rose 5% year over year to $89.6 million, driven by higher silver production and realized silver price from the Galena Complex, offset by lower base metal production and lower realized zinc price from the Cosalá Operations. The top line, however, missed the Zacks Consensus Estimate of $91 million.
Consolidated attributable silver production surged 56% year over year to around 2 million ounces in 2023 due to significant increases in silver grade. Silver equivalent ounces were at approximately 4.6 million for the year, which included 34.1 million pounds of zinc and 20.5 million pounds of lead.
Price Performance
Shares of USAS have fallen 53.8% over the past year against the industry's 8.1% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Americas Gold and Silver currently carries a Zacks Rank #3 (Hold).
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.39 per share, indicating an increase of 22.7% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.7%. ECL shares have gained 41.8% in a year.
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $4.00 per share. The consensus estimate for 2024 earnings has moved 1% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 33.5% in a year.
The Zacks Consensus Estimate for Innospec’s current fiscal year earnings is pegged at $6.72 per share, indicating a 10.3% year-over-year rise. IOSP beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 10.5%. The company’s shares have increased 23% in the past year.
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Americas Gold and Silver (USAS) Q4 Earnings Miss Estimates
Americas Gold and Silver (USAS - Free Report) reported a loss per share of 4 cents for fourth-quarter 2023, which missed the Zacks Consensus Estimate of a loss of 3 cents per share. USAS had reported a loss per share of 4 cents in the fourth quarter of 2022.
The company recorded a net loss of $10.1 million for the fourth quarter of 2023 compared with a net loss of $11.0 million in the year-ago quarter. The decrease in net loss was primarily attributable to higher net revenues and increased income tax recovery, which was somewhat offset by higher impairment to property, plant and equipment at Relief Canyon, and higher interest and financing expenses.
Americas Gold and Silver’s revenues were around $25 million in the fourth quarter of 2023, which marked a 23% increase from the year-ago quarter. Higher silver production and realized silver price at the Cosalá Operations and Galena Complex, as well as a decrease in total treatment and selling costs, were offset by lower base metal production and lower realized zinc price at Cosalá.
Americas Gold and Silver Corporation Price, Consensus and EPS Surprise
Americas Gold and Silver Corporation price-consensus-eps-surprise-chart | Americas Gold and Silver Corporation Quote
USAS’ silver production rose 17% to approximately 0.58 million ounces in the fourth quarter of 2023 from 0.38 million ounces in the fourth quarter of 2022, indicating a 55% increase.
The company’s attributable cash costs of $14.24 per ounce of silver produced were significantly higher than $3.62 per ounce of silver in the fourth quarter of 2022. All-in-sustaining costs of $21.05 per ounce of silver produced during the quarter were higher than $14.89 per ounce in the year-ago quarter.
Cash Position
Americas Gold and Silver ended 2023 with a cash and cash equivalents balance of $2.1 million and an adjusted working capital deficit of $22.8 million. Cash used in operating activities (net of changes in non-cash working capital items) was around $1 million in 2023 compared with $1.2 million in the prior year.
2023 Performance
For 2023, USAS reported a loss of 16 cents per share, which was wider than the Zacks Consensus Estimate of a loss of 15 cents per share. The company had reported a loss of 23 cents per share in 2022. The year-over-year improvement was primarily due to a decrease in impairment to property, plant and equipment at Relief Canyon.
Total revenues rose 5% year over year to $89.6 million, driven by higher silver production and realized silver price from the Galena Complex, offset by lower base metal production and lower realized zinc price from the Cosalá Operations. The top line, however, missed the Zacks Consensus Estimate of $91 million.
Consolidated attributable silver production surged 56% year over year to around 2 million ounces in 2023 due to significant increases in silver grade. Silver equivalent ounces were at approximately 4.6 million for the year, which included 34.1 million pounds of zinc and 20.5 million pounds of lead.
Price Performance
Shares of USAS have fallen 53.8% over the past year against the industry's 8.1% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Americas Gold and Silver currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Ecolab Inc. (ECL - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Innospec Inc. (IOSP - Free Report) . ECL and CRS sport a Zacks Rank #1 (Strong Buy) at present, and IOSP has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.39 per share, indicating an increase of 22.7% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.7%. ECL shares have gained 41.8% in a year.
The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $4.00 per share. The consensus estimate for 2024 earnings has moved 1% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 33.5% in a year.
The Zacks Consensus Estimate for Innospec’s current fiscal year earnings is pegged at $6.72 per share, indicating a 10.3% year-over-year rise. IOSP beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 10.5%. The company’s shares have increased 23% in the past year.