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McEwen Mining (MUX) to Report Q1 Earnings: What's in Store?
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McEwen Mining (MUX - Free Report) is expected to register year-over-year improvements in its top and bottom lines in its upcoming first-quarter 2024 results.
Q1 Estimates
The Zacks Consensus Estimate for MUX’s first-quarter sales is pegged at $39.8 million, suggesting 14.5% growth from the prior-year quarter’s reported figure. The consensus mark for earnings is pegged at a loss of 3 cents per share. This indicates an improvement from the loss of 14 cents per share reported in the first quarter of 2023. Earnings estimates have been unchanged in the past 30 days.
Q4 Performance
In the last reported quarter, McEwen Mining witnessed a solid 111% year-over-year improvement in revenues to $59 million. The company reported earnings per share of $2.90 in contrast to the loss of 79 cents per share reported in the fourth quarter of 2022. The company beat the Zacks Consensus Estimate for both metrics.
MUX’s earnings have outpaced the consensus estimate in each of the trailing four quarters, the average surprise being 288.07%.
McEwen Mining had reported a 33.7% year-over-year increase in its consolidated production to 49,850 gold equivalent ounces (“GEOs”) in the fourth quarter of 2023. Production for 2023 was 154,600 GEOs, marking a 16% increase year over year attributed to improved performances at Gold Bar Mine, NV Fox Complex, Canada and the San José Mine in Argentina.
For 2024, MUX expects to produce GEOs in the range of 130,000 to 145,000 from all operations. Of this, the share of its 100% owned mines (Gold Bar and Fox) is expected to be between 80,000 and 85,000 GEOs. The San José Mine, in which MUX holds a 49% stake, is expected to produce 50,000-60,000 GEOs. However, all of the projected ranges are lower than the output levels reported for 2023. This is mainly due to anticipation of lower production from the Fox Complex and the San José mine for the full year.
Hochschild Mining, which holds the remaining 51% stake in the San José Mine, recently announced the mine’s operational results for the first quarter. The San Jose mine reported an 18% improvement in silver production and a 17% rise in gold production. This improvement was achieved despite the first quarter at San Jose being traditionally a shorter operational period due to the scheduled hourly workers' holiday, which was in February this year. Based on the numbers reported by Hochschild Mining, it is expected that McEwen Mining's results for the first quarter will reflect higher production from its share in the San Jose mine.
McEwen Mining had earlier stated that Gold Bar production in the first half of 2024 is expected to be higher than the second half, due to a scheduled waste stripping phase in the Pick pit, in preparation for the 2025 mining program. At Fox operations, MUX will start the development of underground ramp access to the Stock orebodies, particularly Stock West, which will become the primary source of feed following the completion of mining the Froome deposit in 2026.
The company’s results in the first quarter are expected to reflect the increased gold and silver prices witnessed through the quarter and higher expected output at the Gold Bar and San Jose mines.
What our Zacks Model Indicates
Our proven model does not conclusively predict an earnings beat for McEwen Mining this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat.
You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Earnings ESP: The Earnings ESP for McEwen Mining is 0.00%.
Zacks Rank: MUX currently carries a Zacks Rank of 3.
Price Performance
McEwen Mining’s shares have gained 46.4% in the past year compared with the industry’s 7.7% growth.
Image Source: Zacks Investment Research
Stocks to Consider
Here are some stocks with the right combination of elements to post an earnings beat in their upcoming releases.
The Zacks Consensus Estimate for CGAU’s earnings is currently pegged at 15 cents per share. The estimate indicates an improvement from the loss of 24 cents per share reported in the first quarter of 2023.
SilverCrest Metals (SILV - Free Report) , slated to release earnings on May 14, has an Earnings ESP of +14.92% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for SILV’s first-quarter earnings is currently pegged at 12 cents per share. The figure suggests a decline of 33% from the year-ago quarter’s earnings. SilverCrest Metals’ earnings have outpaced the consensus estimate in each of the trailing four quarters, the average surprise being 24.5%.
Lithium Americas Corp. (LAC - Free Report) , scheduled to release first-quarter earnings on May 13, has an Earnings ESP of +70.86% and a Zacks Rank of 3 at present. The consensus mark for LAC’s earnings is currently pegged at a loss of 4 cents per share.
Image: Bigstock
McEwen Mining (MUX) to Report Q1 Earnings: What's in Store?
McEwen Mining (MUX - Free Report) is expected to register year-over-year improvements in its top and bottom lines in its upcoming first-quarter 2024 results.
Q1 Estimates
The Zacks Consensus Estimate for MUX’s first-quarter sales is pegged at $39.8 million, suggesting 14.5% growth from the prior-year quarter’s reported figure. The consensus mark for earnings is pegged at a loss of 3 cents per share. This indicates an improvement from the loss of 14 cents per share reported in the first quarter of 2023. Earnings estimates have been unchanged in the past 30 days.
Q4 Performance
In the last reported quarter, McEwen Mining witnessed a solid 111% year-over-year improvement in revenues to $59 million. The company reported earnings per share of $2.90 in contrast to the loss of 79 cents per share reported in the fourth quarter of 2022. The company beat the Zacks Consensus Estimate for both metrics.
MUX’s earnings have outpaced the consensus estimate in each of the trailing four quarters, the average surprise being 288.07%.
McEwen Mining Inc. Price and EPS Surprise
McEwen Mining Inc. price-eps-surprise | McEwen Mining Inc. Quote
Factors to Note
McEwen Mining had reported a 33.7% year-over-year increase in its consolidated production to 49,850 gold equivalent ounces (“GEOs”) in the fourth quarter of 2023. Production for 2023 was 154,600 GEOs, marking a 16% increase year over year attributed to improved performances at Gold Bar Mine, NV Fox Complex, Canada and the San José Mine in Argentina.
For 2024, MUX expects to produce GEOs in the range of 130,000 to 145,000 from all operations. Of this, the share of its 100% owned mines (Gold Bar and Fox) is expected to be between 80,000 and 85,000 GEOs. The San José Mine, in which MUX holds a 49% stake, is expected to produce 50,000-60,000 GEOs. However, all of the projected ranges are lower than the output levels reported for 2023. This is mainly due to anticipation of lower production from the Fox Complex and the San José mine for the full year.
Hochschild Mining, which holds the remaining 51% stake in the San José Mine, recently announced the mine’s operational results for the first quarter. The San Jose mine reported an 18% improvement in silver production and a 17% rise in gold production. This improvement was achieved despite the first quarter at San Jose being traditionally a shorter operational period due to the scheduled hourly workers' holiday, which was in February this year. Based on the numbers reported by Hochschild Mining, it is expected that McEwen Mining's results for the first quarter will reflect higher production from its share in the San Jose mine.
McEwen Mining had earlier stated that Gold Bar production in the first half of 2024 is expected to be higher than the second half, due to a scheduled waste stripping phase in the Pick pit, in preparation for the 2025 mining program. At Fox operations, MUX will start the development of underground ramp access to the Stock orebodies, particularly Stock West, which will become the primary source of feed following the completion of mining the Froome deposit in 2026.
The company’s results in the first quarter are expected to reflect the increased gold and silver prices witnessed through the quarter and higher expected output at the Gold Bar and San Jose mines.
What our Zacks Model Indicates
Our proven model does not conclusively predict an earnings beat for McEwen Mining this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat.
You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Earnings ESP: The Earnings ESP for McEwen Mining is 0.00%.
Zacks Rank: MUX currently carries a Zacks Rank of 3.
Price Performance
McEwen Mining’s shares have gained 46.4% in the past year compared with the industry’s 7.7% growth.
Image Source: Zacks Investment Research
Stocks to Consider
Here are some stocks with the right combination of elements to post an earnings beat in their upcoming releases.
Centerra Gold (CGAU - Free Report) , scheduled to release first-quarter 2024 earnings on May 14, has an Earnings ESP of +7.14% and a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CGAU’s earnings is currently pegged at 15 cents per share. The estimate indicates an improvement from the loss of 24 cents per share reported in the first quarter of 2023.
SilverCrest Metals (SILV - Free Report) , slated to release earnings on May 14, has an Earnings ESP of +14.92% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for SILV’s first-quarter earnings is currently pegged at 12 cents per share. The figure suggests a decline of 33% from the year-ago quarter’s earnings. SilverCrest Metals’ earnings have outpaced the consensus estimate in each of the trailing four quarters, the average surprise being 24.5%.
Lithium Americas Corp. (LAC - Free Report) , scheduled to release first-quarter earnings on May 13, has an Earnings ESP of +70.86% and a Zacks Rank of 3 at present.
The consensus mark for LAC’s earnings is currently pegged at a loss of 4 cents per share.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.