Business
First Majestic Silver Announces Financial Results for Q4 2020, FY2020 and Appointment of New Director
VANCOUVER, British Columbia, Feb. 18, 2021 (GLOBE NEWSWIRE) -- FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the "Company" or “First Majestic”) is pleased to
About this update from First Majestic Silver Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 18, 2021 (GLOBE NEWSWIRE) -- FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the \"Company\" or “First Majestic”) is pleased to announce the consolidated financial results for the Company’s fourth quarter and year ended December 31, 2020. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's website at www.firstmajestic.com, on SEDAR at www.sedar.com and EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise. 2020 HIGHLIGHTS Generated robust revenues of $363.9 million primarily due to strong silver production and higher metal prices in the second half of 2020 which helped to offset reduced revenues in Q2 2020 due to Mexico’s national COVID-19 shutdown. Mine operating earnings of $105.1 million primarily due to higher silver and gold prices, as well as shifting a greater portion of production to its larger and lower cost operations. Operating cash flows before working capital and taxes of $107.3 million or $0.50 per share. Net earnings of $23.1 million, or basic earnings per share (“EPS”) of $0.11, representing a 157% increase compared to 2019. Adjusted net earnings of $37.4 million, or $0.18 per share, after excluding non-cash or unusual items. Cash costs of $5.09 per payable silver ounce representing a 1% decrease compared to 2019 and slightly above the revised guidance range of $3.95 to $4.59 per ounce primarily due to lower than expected gold by-product credits at Santa Elena and San Dimas in the second half of 2020. All-in sustaining costs (“AISC”) of $13.92 per payable silver ounce representing a 10% increase compared to 2019 and slightly above the revised guidance range of $12.29 to $13.45 per ounce. Realized an average silver price of $21.15 per payable silver ounce, representing a 29% increase compared to 2019. Ended 2020 with record cash and cash equivalents of $238.6 million, up from $169.0 million at the end of 2019. Q4 2020 HIGHLIGHTS Revenues totaled $117.1 million, representing a 21% increase compared to Q4 2019. Mine operating earnings of $43.7 million, representing an 82% increase compared to $23.9 million in Q4 2019. Operating cash flows before working capital and taxes of $48.2 million, or $0.22 per share (non-GAAP). Net earnings of $34.5 million, or EPS of $0.16. Adjusted net earnings $24...