First Majestic Q3 Silver Output Misses Guidance on San Dimas Labour Dispute
AG sits 64% above its 52-week low of $10.19.
Summary
First Majestic produced 3.4M silver ounces in Q3, only 72% of its revised guidance midpoint, driven by a 12-day labour dispute at San Dimas. Gold output of 29,552 ounces hit 75% of guidance. The company renewed its share buyback for up to 10M shares (2% of outstanding) starting October 14. Q3 earnings and dividend details are set for November 5 before market open, with a conference call at 11:00 ET. The production miss is material for a silver miner with an $8.2B market cap, and the labour dispute remains unresolved.
At the time of this announcement, AG was trading at $16.71 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $8.2B. The 52-week trading range was $10.19 to $32.04. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: FinanceWire.