Thursday, May 12, 2022
Endeavour Silver (EXK)
First Quarter Earnings Exceed Expectations; Project Milestones Draw Near
Endeavour Silver is a mid-tier precious metals mining company that operates two high-grade, underground, silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
First quarter results exceed expectations. Endeavour Silver reported first quarter net earnings of $11.7 million, or $0.07 per share, compared to an adjusted net loss of $4.5 million, or $(0.03) per share during the prior year period. We had forecast net income of $8.4 million, or $0.05 per share. The company generated adjusted EBITDA of $27.1 million compared to $8.3 million during the prior year period and our estimate of $17.1 million. Variances to our estimate included lower direct production costs and $6.6 million of other income, including foreign exchange and investments. Revenue of $57.7 million was modestly ahead of our $57.2 million estimate.
Updating estimates. While we are maintaining our 2022 EPS estimate, we have increased our EBITDA estimate to $67.8 million from $60.6 million. Our revised estimates reflect lower direct production costs and higher depreciation, depletion, and amortization….
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
