Business
First Majestic Silver Reports Third Quarter Financial Results – Generates Record Revenues, Cash Flows and Earnings
VANCOUVER, British Columbia, Nov. 05, 2020 (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, Nov. 05, 2020 (GLOBE NEWSWIRE) -- FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the \"Company\" or “First Majestic”) is pleased to announce the unaudited interim consolidated financial results of the Company for the third quarter ended September 30, 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 or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise. THIRD QUARTER 2020 HIGHLIGHTS (compared to Q3 2019) Achieved record quarterly revenues of $125.9 million, representing a 30% increase due to higher metal prices and the sale of $25.0 million worth of stockpiled metal inventory held over from the prior quarter Reduced cash costs to $2.49 per payable silver ounce, representing a 35% decrease Reduced All-in sustaining costs (“AISC”) to $9.94 per payable silver ounce, representing an 8% decrease Realized an average silver price of $22.58 per equivalent ounce, representing a 28% increase and the highest quarterly average since Q1 2013 Operating cash flows before movements in working capital and taxes of $52.2 million, or cash flow per share of $0.24 (non-GAAP) Mine operating earnings of $48.0 million, representing a 73% increase primarily due to higher metal prices and the sale of stockpiled inventory Net earnings of $30.9 million, or basic EPS of $0.14 Adjusted EPS of $0.12 after excluding non-cash and non-recurring items Invested $35.3 million on capital expenditures during the quarter Ended the quarter with a record $232.4 million in cash and cash equivalents “During the third quarter, our industry-leading silver purity as a percentage of revenue increased to 67% as a result of strong silver production at La Encantada and an improved silver to gold ratio,” stated Keith Neumeyer, President and CEO. “We generated record quarterly revenues, cash flows and earnings as a result of higher metal prices, improved production rates, good cost control management and the decision to delay the sale of inventory from the prior quarter. Along with our record cash and working capital position, the Company is poised to close out 2020 as one of its strongest years in the Company’s 18-year history.” OPERATIONAL AND FINANCIAL HIGHLIGHTS Key Perf...