FMV
First Majestic earns $23.1-million (U.S.) in 2020
https://www.stockwatch.com/News/Item?bid=Z-C:FR-3034242&symbol=FR®ion=C
2021-02-18 17:50 ET - News Release
Mr. Keith Neumeyer reports
FIRST MAJESTIC ANNOUNCES FINANCIAL RESULTS FOR Q4 2020, FY2020 AND APPOINTMENT OF NEW DIRECTOR
First Majestic Silver Corp. has released the consolidated financial results for the company's fourth quarter and year ended Dec. 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 $24.2 million, or $0.11 per share, after excluding non-cash or unusual items.
Cash costs of $6.53 per payable silver ounce, representing a 75% increase compared to Q4 2019.
AISC of $15.92 per payable silver ounce, representing a 30% increase compared to Q4 2019.
Realized an average silver price of $24.88 per payable silver ounce, representing a 43% increase compared to Q4 2019.
CEO COMMENTS
"First Majestic finished 2020 with strong silver production and solid financial results despite the early challenges related to the COVID-19 global pandemic," stated Keith Neumeyer, President and CEO of First Majestic. "We generated 87% of our $105.1 million in operating earnings in the second half of 2020 primarily due to higher silver production and an improved metal price environment. This significant increase in profitability helped to lift our cash balance to a record $238.6 million at the end of the year. We also announced our inaugural dividend policy at the end of 2020 which was a major milestone and something I am particularly proud of as this has been a long-term objective of the Company. Looking ahead, we continue to expect higher prices as silver supplies tighten due to increases in investor demand and the longer-term global transition to greener energy and electric vehicle solutions."
First Majestic earns $23.1-million (U.S.) in 2020
https://www.stockwatch.com/News/Item?bid=Z-C:FR-3034242&symbol=FR®ion=C
2021-02-18 17:50 ET - News Release
Mr. Keith Neumeyer reports
FIRST MAJESTIC ANNOUNCES FINANCIAL RESULTS FOR Q4 2020, FY2020 AND APPOINTMENT OF NEW DIRECTOR
First Majestic Silver Corp. has released the consolidated financial results for the company's fourth quarter and year ended Dec. 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 $24.2 million, or $0.11 per share, after excluding non-cash or unusual items.
Cash costs of $6.53 per payable silver ounce, representing a 75% increase compared to Q4 2019.
AISC of $15.92 per payable silver ounce, representing a 30% increase compared to Q4 2019.
Realized an average silver price of $24.88 per payable silver ounce, representing a 43% increase compared to Q4 2019.
CEO COMMENTS
"First Majestic finished 2020 with strong silver production and solid financial results despite the early challenges related to the COVID-19 global pandemic," stated Keith Neumeyer, President and CEO of First Majestic. "We generated 87% of our $105.1 million in operating earnings in the second half of 2020 primarily due to higher silver production and an improved metal price environment. This significant increase in profitability helped to lift our cash balance to a record $238.6 million at the end of the year. We also announced our inaugural dividend policy at the end of 2020 which was a major milestone and something I am particularly proud of as this has been a long-term objective of the Company. Looking ahead, we continue to expect higher prices as silver supplies tighten due to increases in investor demand and the longer-term global transition to greener energy and electric vehicle solutions."
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