Companies /Basic Materials

Pan American Silver Corp

NYSE: PAAS Gold
$47.56
▼ $0.86 (−1.78%) today
Markets closed · 12:01am ET

Q1 2025 Earnings

Reported May 7, 2025, 5:26pm ET · SEC source
$0.42
Beat +103.29%
EPS · est. $0.21
$773.2M
Beat +10.50%
Revenue · est. $699.7M
+4.8%
Beating market
PAAS vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−3%0+3%+6%May 7May 8report 5:26pm ETearnings+0.6%+2.8%
−3%0+3%+6%May 7May 8earnings+0.6%+2.8%
PAAS +2.8%S&P 500 +0.6%
−3%0+3%+6%May 7May 8report 5:26pm ETearnings+0.9%+2.8%
−3%0+3%+6%May 7May 8earnings+0.9%+2.8%
PAAS +2.8%NASDAQ +0.9%
−12%−6%0+6%May 6May 15report 5:26pm ETearnings+5.2%−10.2%
−12%−6%0+6%May 6May 15earnings+5.2%−10.2%
PAAS −10.2%S&P 500 +5.2%
−12%−6%0+6%May 6May 15report 5:26pm ETearnings+7.3%−10.2%
−12%−6%0+6%May 6May 15earnings+7.3%−10.2%
PAAS −10.2%NASDAQ +7.3%
+3.99%
Day of report
+6.50%
Next session
−10.57%
One week
+11.51%
30 days

S&P 500 over the same 30 days: +6.73%.

Did PAAS Beat Earnings? Q1 2025 Results

Pan American Silver posted a blowout first quarter for 2025, with adjusted earnings of $0.42 per share more than doubling the $0.21 consensus estimate, a beat of over 103%, while revenue climbed 28.6% year-over-year to $773.20 million, topping expectations of $699.70 million by 10.50%. The standout driver was metal price appreciation, with gold realized at $2,868 per ounce versus $2,078 a year ago and silver at $31.25 per ounce versus $22.61, contributing $203.30 million in incremental revenue and powering a swing to $169.30 million in net earnings from a net loss of $30.80 million in Q1 2024. Operating cash flow of $174.80 million nearly tripled year-over-year, and the company ended the quarter with liquidity exceeding $1.65 billion. Cost discipline added to the strength, with Silver Segment all-in sustaining costs falling to $13.94 per ounce. Pan American reaffirmed its full-year 2025 production and cost outlook, noting that Q1 AISC came in below internal expectations for both segments.

Key Takeaways
  • Higher realized gold prices ($2,868/oz vs. $2,078/oz) and silver prices ($31.25/oz vs. $22.61/oz) drove $203.3 million revenue increase
  • La Colorada silver production up 25% from significantly improved ventilation conditions
  • Silver Segment AISC excluding NRV inventory adjustments decreased $2.69/oz to $13.94/oz
  • Gold Segment AISC excluding NRV inventory adjustments decreased $14/oz to $1,485/oz
  • Derivative gains of $15.8 million vs. losses of $10.6 million in prior year
  • Investment gains increased $16.1 million from mark-to-market adjustments and higher interest income

Forward Guidance & Outlook

Pan American reaffirmed its full 2025 Operating Outlook for silver and gold production, base metal production, Silver Segment and Gold Segment AISC, and sustaining and project capital expenditures, as provided in its February 19, 2025 MD&A. Q1 2025 production was in line with the company's quarterly operating outlook, while AISC came in lower than expected for both segments.

PAAS YoY Financials

Q1 2025 vs Q1 2024 · SEC filings Q1 2024 Q1 2025
$0$300.0M$600.0M$601.4M$773.2MRevenue$34.8M$228.2MOperating Income$22.6M$169.3MNet Income
$0$300.0M$600.0MRevenueOperating IncomeNet Income

PAAS Revenue by Segment

Jacobina$131.4M
Juanicipio
El Peñon$120.3M
Cerro Moro$80.0M
Shahuindo$97.8M
La Colorada$53.5M
Timmins$88.8M
Minera Florida$53.7M

PAAS Revenue by Geography

Mexico$109.0M
Chile$174.0M
Peru$153.8M
Brazil$131.4M
Argentina$80.0M
Canada$88.8M
Bolivia$36.2M

Figures from SEC filings and company reports. Not investment advice.