Mcewen Mining Inc (MUX) said after close Wednesday that it lost $0.12 per share in quarter three 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $38.4 million, missing estimates by $23.1 million.
In the same quarter a year ago, the company lost $0.21 per share on revenue of $26 million.
The stock is up 12.4% to $7.16 after the report.
The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.
Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.
Trading in the five days leading up to the report earned Mcewen Mining Inc a Bearish Sentiment Rank from InvestorsObserver.
Mcewen Mining Inc has performed a little below average during the past few months. Before the report, Mcewen Mining Inc received a Long-Term Technical Rank by InvestorsObserver of 43, putting it in the bottom half of stocks. The firm set a 52-week high on April 13, 2023 at $10 and set a 52-week low on November 9, 2022 at $4.09.
McEwen Mining Inc is a mining and minerals production and exploration company focused on precious and base minerals in Argentina, Mexico, and the United States. The company's overall revenue is principally derived from the production of gold and silver, each comprising roughly half of total sales. The company owns and operates the wholly-owned El Gallo 1 mine in Mexico, and has a minority shareholding in the company that operates the San Jose mine in Argentina. More than half the company's gold output is produced by the El Gallo 1 mine. The remaining gold production, and majority of silver production, is produced by the San Jose mine.
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Mcewen Mining Inc Up 12.4% To $7.16 After Earnings Beat
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