First Majestic Silver Q2 Profit Rises - Quick Facts

(RTTNews) - First Majestic Silver Corp.'s (AG, FR.TO) second-quarter net earnings increased to $7.6 million, and $0.06 per basic share, compared to $0.2 million and break even per basic share in the same quarter last year.

But, Mine operating earnings were $9.5 million down from $14.3 million in the previous year.

Adjusted earnings per share fell to $0.02 from $0.07 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.07 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew to $66.9 million from $48.4 million last year.

The company maintained its 2014 production guidance of 12.7 to 13.3 million ounces of silver (14.8 to 15.6 million SEOs). Due to the revised timing of the La Encantada expansion project, the Company is modifying its expected cost guidance for 2014. Full year cash cost are expected to remain in line with the previous annual guidance of $8.67 to $9.12 per payable silver ounce. However, sustaining costs are expected to increase from the original guidance range of $4.66 to $4.90 per ounce to the revised range of $5.40 to $5.56 per ounce.

Including some improvements in general and administration costs and lower share-based payments, the revised AISC per ounce is now expected to be in the range of $16.66 to $16.96, compared to the previous guidance of $15.87 to $16.69.