Pan American Silver Corp.'s net earnings in the first quarter more than doubled on a yearly basis, driven in part by higher revenues and lower costs as well as an US$8 million gain from the sale of the Calcatreu gold project in Argentina in February.
The company reported net earnings of US$48.2 million, or 31 cents per share, up from US$20.0 million, or 13 cents per share a year ago.
Revenues, meanwhile, stood at US$207.0 million, rising from US$198.7 million in the prior-year period.
Pan American recorded cash costs of US$1.18 per ounce, which were the lowest in a decade, showing increased throughput, higher by-product credits, and reduced treatment and refining charges.
Silver and gold production came in at 6.1 million ounces and 46,230 ounces, respectively, compared to 6.2 million ounces and 37,700 ounces reported in the prior-year period.
The company also produced 14,700 tonnes of zinc, 5,200 tonnes of lead and 3,000 tonnes of copper, compared to 12,800 tonnes of zinc, 5,300 tonnes of lead and 3,200 tonnes of copper a year ago.
Pan American maintained its full-year guidance of 25.0 million to 26.5 million ounces of consolidated silver production at cash costs of US$3.60 to US$4.60 per ounce. Its outlook for sustaining CapEx also remains unchanged at between US$100 million and US$105 million.
As of March 31, the company had a cash and short-term investment balance of US$224.8 million, and no debt. Its board declared a dividend of 3.5 cents per share, payable by June 4 to shareholders on record at the close of business on May 22.