Pan American Silver reports Q2 adjusted EPS 4c, consensus 8c

Reports Q2 revenue $639.9M, two estimates $630.32M. “Our Q2 2023 results show the significant enhancement in the scale and quality of our portfolio following the strategic acquisition of Yamana. Production is up 55% for silver and 102% for gold compared with the prior quarter, while the addition of three new low-cost producers provided tangible benefits to the Company’s cost structure. Based on year-to-date production and costs, we are maintaining our guidance for 2023,” said Michael Steinmann, President and Chief Executive Officer. “Revenue of $639.9 million reflects the step change in our operating base, and drove a 151% increase in operating cash flow before working capital changes compared with Q1 2023. These results deliver on the benefits we had expected from the Yamana transaction, and have allowed us to repay a net $55.4 million of debt and distribute $36.4 million in dividends in the past quarter. We are also on track to meet our target of realizing $40 million to $60 million in synergies through the transaction.”