Endeavour Silver Corporation
EXK
reported break-even earnings per share in fourth-quarter 2021 and missed the Zacks Consensus Estimate of earnings of 2 cents. The company had recorded earnings of 13 cents per share in the year-ago quarter.
Endeavour Silver’s revenues declined 20% year over year to $49 million in the quarter under review.
The average realized silver price was $23.41 per silver-equivalent ounce in the quarter, down 5% year over year. The average realized gold price was down 4% to $1,811 per ounce in the quarter. The company sold 1.4 million ounces of silver in the quarter (flat year over year) and 8,715 ounces of gold (down 37% year over year).
Total production in the fourth quarter of 2021 was 2.2 million silver equivalent ounces, consisting of 1.4 million ounces of silver and 9,446 ounces of gold. Total production in the prior-year quarter was 2.1 million silver-equivalent ounces, comprising 1.1 million ounces of silver and 12,586 ounces of gold.
Endeavour Silver Corporation Price, Consensus and EPS Surprise
Endeavour Silver Corporation price-consensus-eps-surprise-chart
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Endeavour Silver Corporation Quote
Operational Update
The company recorded cash costs per silver ounce of $8.65, up 27% from the year-ago quarter. Consolidated all-in sustaining costs (AISC) of $19.48 per silver equivalent ounce were 5% higher than the prior-year quarter.
Endeavour Silver reported a mine-operating profit of $12.2 million in the quarter compared with $20.8 million in the year-ago quarter. Adjusted EBITDA declined 55% year over year to $11.5 million in the quarter.
Financial Position
Endeavour Silver ended 2021 with $103 million of cash in hand, up from $61 million at the end of 2020. Cash from operating activities was around $23 million in 2021 compared with the prior year’s $39 million.
Fiscal 2021 Performance
Endeavour Silver reported an adjusted loss per share of 5 cents in 2021 against earnings per share of 1 cent reported in the prior year. Including one-time items, the company reported earnings of 8 cents in 2021 compared with earnings of 1 cent in the previous year.
Sales rose 19% year over year to $165 million, the highest recorded revenues in five years. This was driven by the sale of 3,856,883 ounces of silver and 39,113 ounces of gold at average realized prices of $25.22 per ounce of silver and $1,790 per ounce of gold.
Management withheld metal sales in the year. At the year-end, the company had 1,028,340 ounces of silver and 1,044 ounces of gold of bullion inventory and 54,270 ounces silver and 2,630 ounces of gold in concentrate inventory.
Endeavour Silver produced 4,870,787 ounces of silver and 42,262 ounces of gold. This is similar to 8.3 million silver-equivalent ounces, which was 27% higher year over year. This was driven by a steady performance at Bolanitos and record mill throughput, grade and production at Guanacevi. It also surpassed the company’s expectation of 7.7-8 million silver equivalent ounces.
Price Performance
Image Source: Zacks Investment Research
Shares of the company have fallen 18.4% over the past year against the
industry
’s decline of 20.2%.
Zacks Rank & Stocks to Consider
Endeavour Silver currently carries a Zacks Rank #3 (Hold).
Some better-ranked companies in the basic materials space are
The Mosaic Company
MOS
,
AdvanSix Inc.
ASIX
and
Allegheny Technologies Incorporated
ATI
.
Mosaic has a projected earnings growth rate of 106.4% for the current year. The Zacks Consensus Estimate for MOS’ current-year earnings has been revised upward by 22.2% in the past 60 days.
Mosaic beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters and missed once, the average surprise being 3.7%. MOS has rallied around 70% in a year. It currently sports a Zacks Rank #1 (Strong Buy). You can see
the complete list of today’s Zacks #1 Rank stocks here
.
AdvanSix has a projected earnings growth rate of 20.8% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 15.7% upward in the past 60 days.
AdvanSix beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, while missing once, the average surprise being 23.6%. ASIX has surged 71% in a year. The company currently carries a Zacks Rank #2 (Buy).
Allegheny, currently carrying a Zacks Rank #2, has an expected earnings growth rate of 661.5% for the current year. The Zacks Consensus Estimate for ATI’s earnings for the current year has been revised upward by 45.6% in the past 60 days.
Allegheny beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average surprise being 127.2%. ATI has gained around 20% over a year.
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