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MUX Q4 Earnings Miss Estimates, Revenues Down Y/Y on Low Sales Volumes
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McEwen Mining (MUX - Free Report) reported adjusted loss per share of 15 cents per share, missing the Zacks Consensus Estimate of a loss of 13 cents per share. The company had reported earnings per share of $2.90 in the year-ago quarter.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Including one-time items, the loss in the quarter under review was 16 cents per share against the year-ago quarter’s earnings of $2.89 per share.
McEwen Mining Inc. Price, Consensus and EPS Surprise
Revenues from gold and silver sales were $34 million in the quarter, which missed the Zacks Consensus Estimate of $36 million. The figure marked a 42% plunge year over year reflecting lower Gold Equivalent Ounces (GEOs) sold in the quarter, which was somewhat offset by higher prices.
Production plunged 35% year over year to around 32.4 thousand ounces in the fourth quarter of 2024. McEwen Mining sold 31.5 thousand GEOs, which were down 37% from the year-ago quarter. The average realized price increased 35% to $2,648 per GEO.
MUX’s Adjusted EBITDA Improves Substantially in Q4
Production costs declined 37% year over year to $31.5 million. The company reported a gross profit of $0.36 million compared with $13.1 million in the fourth quarter of 2023. The decline was due to the lower number of GEOs produced and sold.
Adjusted EBITDA was a positive $5.2 million against a negative $4.9 million in the year-ago quarter. This excludes the impact of McEwen Copper’s results.
McEwen Mining’s Cash Position at 2024-End
The company used $1.2 million of cash in operating activities in the fourth quarter against inflow of $16.4 million in the prior-year quarter. McEwen Mining reported cash and cash equivalents of $13.7 million as of Dec. 31, 2024, down from $23 million as of Dec. 31, 2023.
MUX’s Performance in 2024
McEwen Mining reported a loss of 86 cents per share in 2024, which missed the Zacks Consensus Estimate of a loss of 72 cents per share. The company reported earnings per share of $1.16 in 2023.
MUX’s 2024 revenues increased 5% year over year to $174 million but fell short of the Zacks Consensus Estimate of $201 million.
Consolidated production in 2024 was 135,884 GEOS, lower than 154,587 GEOs in 2023. The company sold 135,411 GEOs during the year, which marked a 10% decline from the 2023 level. The average realized price was $2,390 per ounce, 24% higher than the $1,927 per ounce in 2023.
McEwen Mining expects consolidated GEO production to increase to 225,000 - 255,000 GEOs as a result of increased production from the Fox Complex.
MUX Stock’s Price Performance
Shares of the company have dipped 6.2% in the past year compared with the industry’s 7.7% decline.
Image Source: Zacks Investment Research
MUX’s Zacks Rank
McEwen Mining currently carries a Zacks Rank #4 (Sell).
Performances of Other Gold and Silver Mining Stocks
Fortuna Mining Corp. (FSM - Free Report) reported fourth-quarter 2024 adjusted earnings per share of 11 cents, which missed the Zacks Consensus Estimate of 16 cents. The bottom line marked a solid 57% year-over-year improvement. Results were aided by higher gold prices, partially offset by lower gold sales volume.
Fortuna Mining’s revenues improved 13.9% year over year to $302 million. Higher gold prices were partially offset by lower gold sales volume. This was due to lower production at Séguéla, San Jose and Lindero.
Avino Silver & Gold Mines Ltd. (ASM - Free Report) reported earnings per share of seven cents for fourth-quarter 2024, which surpassed the Zacks Consensus Estimate of three cents. The company posted earnings of two cents per share in the year-ago quarter.
ASM’s revenues surged 95% year over year to $24 million. The top line beat the Zacks Consensus Estimate of $18 million. The upside was driven by higher production and realized silver and gold prices.
Hecla Mining Company (HL - Free Report) reported fourth-quarter 2024 adjusted earnings per share of four cents, in line with the Zacks Consensus Estimate. HL incurred a loss per share of four cents in the year-ago quarter.
The company’s revenues increased 55.4% year over year to $250 million aided by higher production and prices for both gold and silver. The top line beat the Zacks Consensus Estimate of $229 million.
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MUX Q4 Earnings Miss Estimates, Revenues Down Y/Y on Low Sales Volumes
McEwen Mining (MUX - Free Report) reported adjusted loss per share of 15 cents per share, missing the Zacks Consensus Estimate of a loss of 13 cents per share. The company had reported earnings per share of $2.90 in the year-ago quarter.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Including one-time items, the loss in the quarter under review was 16 cents per share against the year-ago quarter’s earnings of $2.89 per share.
McEwen Mining Inc. Price, Consensus and EPS Surprise
McEwen Mining Inc. price-consensus-eps-surprise-chart | McEwen Mining Inc. Quote
Lower Sales Volume Hurts McEwen Mining’s Q4 Revenues
Revenues from gold and silver sales were $34 million in the quarter, which missed the Zacks Consensus Estimate of $36 million. The figure marked a 42% plunge year over year reflecting lower Gold Equivalent Ounces (GEOs) sold in the quarter, which was somewhat offset by higher prices.
Production plunged 35% year over year to around 32.4 thousand ounces in the fourth quarter of 2024. McEwen Mining sold 31.5 thousand GEOs, which were down 37% from the year-ago quarter. The average realized price increased 35% to $2,648 per GEO.
MUX’s Adjusted EBITDA Improves Substantially in Q4
Production costs declined 37% year over year to $31.5 million. The company reported a gross profit of $0.36 million compared with $13.1 million in the fourth quarter of 2023. The decline was due to the lower number of GEOs produced and sold.
Adjusted EBITDA was a positive $5.2 million against a negative $4.9 million in the year-ago quarter. This excludes the impact of McEwen Copper’s results.
McEwen Mining’s Cash Position at 2024-End
The company used $1.2 million of cash in operating activities in the fourth quarter against inflow of $16.4 million in the prior-year quarter. McEwen Mining reported cash and cash equivalents of $13.7 million as of Dec. 31, 2024, down from $23 million as of Dec. 31, 2023.
MUX’s Performance in 2024
McEwen Mining reported a loss of 86 cents per share in 2024, which missed the Zacks Consensus Estimate of a loss of 72 cents per share. The company reported earnings per share of $1.16 in 2023.
MUX’s 2024 revenues increased 5% year over year to $174 million but fell short of the Zacks Consensus Estimate of $201 million.
Consolidated production in 2024 was 135,884 GEOS, lower than 154,587 GEOs in 2023. The company sold 135,411 GEOs during the year, which marked a 10% decline from the 2023 level. The average realized price was $2,390 per ounce, 24% higher than the $1,927 per ounce in 2023.
McEwen Mining expects consolidated GEO production to increase to 225,000 - 255,000 GEOs as a result of increased production from the Fox Complex.
MUX Stock’s Price Performance
Shares of the company have dipped 6.2% in the past year compared with the industry’s 7.7% decline.
Image Source: Zacks Investment Research
MUX’s Zacks Rank
McEwen Mining currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Gold and Silver Mining Stocks
Fortuna Mining Corp. (FSM - Free Report) reported fourth-quarter 2024 adjusted earnings per share of 11 cents, which missed the Zacks Consensus Estimate of 16 cents. The bottom line marked a solid 57% year-over-year improvement. Results were aided by higher gold prices, partially offset by lower gold sales volume.
Fortuna Mining’s revenues improved 13.9% year over year to $302 million. Higher gold prices were partially offset by lower gold sales volume. This was due to lower production at Séguéla, San Jose and Lindero.
Avino Silver & Gold Mines Ltd. (ASM - Free Report) reported earnings per share of seven cents for fourth-quarter 2024, which surpassed the Zacks Consensus Estimate of three cents. The company posted earnings of two cents per share in the year-ago quarter.
ASM’s revenues surged 95% year over year to $24 million. The top line beat the Zacks Consensus Estimate of $18 million. The upside was driven by higher production and realized silver and gold prices.
Hecla Mining Company (HL - Free Report) reported fourth-quarter 2024 adjusted earnings per share of four cents, in line with the Zacks Consensus Estimate. HL incurred a loss per share of four cents in the year-ago quarter.
The company’s revenues increased 55.4% year over year to $250 million aided by higher production and prices for both gold and silver. The top line beat the Zacks Consensus Estimate of $229 million.