EXK - Endeavour Silver slides as Q1 net income production drops

2023-05-10 14:32:46 ET

Endeavour Silver ( NYSE: EXK ) -14.3% in Wednesday's trading after Q1 net income and revenues declined from the year-earlier quarter and inflation pressures lifted operating costs.

Q1 net income fell to $6.5M from $11.7M in the prior-year period and revenues slipped 4% Y/Y to $55.5M, as silver volume sold dipped 3% to 1.66M oz at an average realized silver price of $23.16/oz, down from $24.38/oz in the year-ago quarter.

Q1 gold volumes sold increased by 9% Y/Y to 9,126 oz with a 3% decrease in the realized gold price to $1,917/oz.

Cost of sales climbed 6% to $39.5M, impacted by a strengthened Mexican peso and higher labor, power and consumables costs, as Endeavour ( EXK ) experienced significant inflationary pressures.

Cash and cash equivalents sank 59% Y/Y to $61.7M; working capital fell 45% to $92.8M.

More on Endeavour Silver:

• See financial and valuation comparisons to sector peers
• SA analysis: Endeavour Silver: Patience Required
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