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The Zacks Consensus Estimate for Pan American Silver’s third-quarter total sales is pegged at $867.8 million, indicating a 21.2% increase from the year-ago quarter’s actual.
The consensus mark for earnings has moved down 7.6% in the past 60 days and is pegged at 49 cents per share. This, however, suggests a 53.1% year-over-year jump from earnings of 39 cents.
Image Source: Zacks Investment Research
PAAS’ Earnings Surprise History
Pan American Silver’s earnings beat the Zacks Consensus Estimates in three of the trailing four quarters and came in line in one. The company has a trailing four-quarter earnings surprise of 45.2%, on average. The trend is shown in the chart below.
Image Source: Zacks Investment Research
What the Zacks Model Unveils for Pan American Silver
Our proven model does not conclusively predict an earnings beat for Pan American Silver this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: PAAS has an Earnings ESP of -1.15%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Factors Likely to Have Shaped PAAS’s Q3 Performance
Pan American Silver began 2025 on a strong operational footing, delivering a strong performance in the first two quarters and setting a positive tone for the rest of the year. This offers an insight into its third-quarter performance.
PAAS’s second-quarter silver production reached 5.1 million ounces, higher than the output from the same period last year. La Colorada reported higher output due to a significant improvement in ventilation conditions. El Peñon saw gains attributed to higher throughput, resulting from higher silver grades. Huaron reported improved numbers due to higher throughput from additional development meters and tons, but at lower grades.
These gains were offset by decreased output at Cerro Moro and San Vicente due to mine sequencing into lower silver grade zones. Production at Dolores was down following the cessation of mining operations in July 2024 and the site transitioning into its residual leaching phase.
Gold production for the second quarter was 178.7 thousand ounces. It was lower than the 220.4 thousand ounces produced in the year-ago quarter, owing to the sale of the La Arena mine in December 2024, cessation of activity at Dolores, and lower production at El Peñon and Timmins.
PAAS maintains its 2025 silver production at 20-21 million ounces compared with the 2024 output of 21.1 million ounces.
The Zacks Consensus Estimate for PAAS’s third-quarter 2025 silver production is 5.8 million ounces, indicating a 6.9% year-over-year rise.
Gold production for 2025 is projected at 735-800 thousand ounces, lower than 895.5 thousand ounces in 2024, owing to the loss of contribution of the La Arena mine and Dolores.
The Zacks Consensus Estimate for PAAS’s third-quarter gold production is 184 thousand ounces, indicating an 18.2% year-over-year decline.
Pan American Silver expects to lower costs for the year. For 2025, PAAS expects the silver segment’s AISC to be $16.25-$18.25 per ounce, suggesting a solid drop from the AISC of $18.98 per ounce reported in 2024. This outlook reflects continued cost benefits from the new ventilation infrastructure at La Colorada and higher gold by-product credits from Cerro Moro. For 2025, AISC is expected between $1,525 and $1,625. The segment’s AISC was $1,501 per ounce in 2024.
The quarter is also likely to have benefited from a favorable pricing environment. Gold prices averaged around $3,500 per ounce, up 41% year over year, supported by uncertainty regarding U.S trade and tariff policies. Solid demand from central banks boosted gold prices. Silver prices averaged $39.80 per ounce in the quarter, up 34% year over year. The combination of higher prices is expected to have enhanced Pan American Silver’s top-line performance in the quarter.
Pan American Silver Stock’s Price Performance
In the past year, PAAS shares have surged 63.2% compared with the industry's 83.8% growth.
Image Source: Zacks Investment Research
PAAS’ Peer Performances
Endeavour Silver Corporation (EXK - Free Report) reported an adjusted loss of 1 cent per share for the third quarter of 2025 against the earnings of 1 cent reported in the prior-year quarter. The bottom line missed the Zacks Consensus Estimate of earnings of 5 cents per share.
Endeavour Silver’s revenues skyrocketed 109% to $111 million from $53 million in the third quarter of 2024. The top line missed the Zacks Consensus Estimate of $125 million.
Avino Silver & Gold Mines Ltd. (ASM - Free Report) posted earnings per share of 7 cents for third-quarter 2025, which surpassed the Zacks Consensus Estimate of 3 cents. ASM posted earnings of 4 cents per share in the year-ago quarter.
ASM’s revenues rose 40% year over year to $21 million in the quarter under review. The top line beat the Zacks Consensus Estimate of $20 million.
Hecla Mining Company (HL - Free Report) reported third-quarter 2025 adjusted earnings per share of 12 cents, beating the Zacks Consensus Estimate of 11 cents. HL posted earnings of 3 cents per share in the year-ago quarter.
HL’s revenues surged 67.3% year over year to $410 million in the quarter under review. The top line beat the Zacks Consensus Estimate of $316 million.
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Pan American Silver Set to Report Q3 Earnings: Here's What to Expect
Key Takeaways
Pan American Silver (PAAS - Free Report) is scheduled to report third-quarter 2025 results on Nov. 12, after market close.
The Zacks Consensus Estimate for Pan American Silver’s third-quarter total sales is pegged at $867.8 million, indicating a 21.2% increase from the year-ago quarter’s actual.
The consensus mark for earnings has moved down 7.6% in the past 60 days and is pegged at 49 cents per share. This, however, suggests a 53.1% year-over-year jump from earnings of 39 cents.
PAAS’ Earnings Surprise History
Pan American Silver’s earnings beat the Zacks Consensus Estimates in three of the trailing four quarters and came in line in one. The company has a trailing four-quarter earnings surprise of 45.2%, on average. The trend is shown in the chart below.
What the Zacks Model Unveils for Pan American Silver
Our proven model does not conclusively predict an earnings beat for Pan American Silver this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: PAAS has an Earnings ESP of -1.15%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Zacks Rank: The company currently has a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Have Shaped PAAS’s Q3 Performance
Pan American Silver began 2025 on a strong operational footing, delivering a strong performance in the first two quarters and setting a positive tone for the rest of the year. This offers an insight into its third-quarter performance.
PAAS’s second-quarter silver production reached 5.1 million ounces, higher than the output from the same period last year. La Colorada reported higher output due to a significant improvement in ventilation conditions. El Peñon saw gains attributed to higher throughput, resulting from higher silver grades. Huaron reported improved numbers due to higher throughput from additional development meters and tons, but at lower grades.
These gains were offset by decreased output at Cerro Moro and San Vicente due to mine sequencing into lower silver grade zones. Production at Dolores was down following the cessation of mining operations in July 2024 and the site transitioning into its residual leaching phase.
Gold production for the second quarter was 178.7 thousand ounces. It was lower than the 220.4 thousand ounces produced in the year-ago quarter, owing to the sale of the La Arena mine in December 2024, cessation of activity at Dolores, and lower production at El Peñon and Timmins.
PAAS maintains its 2025 silver production at 20-21 million ounces compared with the 2024 output of 21.1 million ounces.
The Zacks Consensus Estimate for PAAS’s third-quarter 2025 silver production is 5.8 million ounces, indicating a 6.9% year-over-year rise.
Gold production for 2025 is projected at 735-800 thousand ounces, lower than 895.5 thousand ounces in 2024, owing to the loss of contribution of the La Arena mine and Dolores.
The Zacks Consensus Estimate for PAAS’s third-quarter gold production is 184 thousand ounces, indicating an 18.2% year-over-year decline.
Pan American Silver expects to lower costs for the year. For 2025, PAAS expects the silver segment’s AISC to be $16.25-$18.25 per ounce, suggesting a solid drop from the AISC of $18.98 per ounce reported in 2024. This outlook reflects continued cost benefits from the new ventilation infrastructure at La Colorada and higher gold by-product credits from Cerro Moro. For 2025, AISC is expected between $1,525 and $1,625. The segment’s AISC was $1,501 per ounce in 2024.
The quarter is also likely to have benefited from a favorable pricing environment. Gold prices averaged around $3,500 per ounce, up 41% year over year, supported by uncertainty regarding U.S trade and tariff policies. Solid demand from central banks boosted gold prices. Silver prices averaged $39.80 per ounce in the quarter, up 34% year over year. The combination of higher prices is expected to have enhanced Pan American Silver’s top-line performance in the quarter.
Pan American Silver Stock’s Price Performance
In the past year, PAAS shares have surged 63.2% compared with the industry's 83.8% growth.
PAAS’ Peer Performances
Endeavour Silver Corporation (EXK - Free Report) reported an adjusted loss of 1 cent per share for the third quarter of 2025 against the earnings of 1 cent reported in the prior-year quarter. The bottom line missed the Zacks Consensus Estimate of earnings of 5 cents per share.
Endeavour Silver’s revenues skyrocketed 109% to $111 million from $53 million in the third quarter of 2024. The top line missed the Zacks Consensus Estimate of $125 million.
Avino Silver & Gold Mines Ltd. (ASM - Free Report) posted earnings per share of 7 cents for third-quarter 2025, which surpassed the Zacks Consensus Estimate of 3 cents. ASM posted earnings of 4 cents per share in the year-ago quarter.
ASM’s revenues rose 40% year over year to $21 million in the quarter under review. The top line beat the Zacks Consensus Estimate of $20 million.
Hecla Mining Company (HL - Free Report) reported third-quarter 2025 adjusted earnings per share of 12 cents, beating the Zacks Consensus Estimate of 11 cents. HL posted earnings of 3 cents per share in the year-ago quarter.
HL’s revenues surged 67.3% year over year to $410 million in the quarter under review. The top line beat the Zacks Consensus Estimate of $316 million.