Investing.com - Pan American Silver Corp (NASDAQ:PAAS) shares rallied to near year highs on Thursday after the company released second quarter results which easily topped expectations even though the company’s gold production fell and its silver production was flat, year-over-year.
During Wednesday’s after hours session, the company reported that it earned $0.15 per share in the quarter on revenue of $201.3 million. Analysts had forecast earnings of $0.10 per share on revenue of $188.47 million.
PAAS said its first-half silver production for H1 totaled 12.5 million oz., putting it on track to achieve its full-year targeted range of 24.5 million-26 million oz.
The company also benefited from lower costs, with its second quarter all-in sustaining costs falling 5% to $10.73. As a result, the company lowered its estimate for full-year all-in sustaining costs by about 10% to $10.50-$11.50.
PAAS closed Thursday's session up 10.5% at $17.63. PAAS has traded in a 52-week range of $13.80 - $21.59.
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