Shares of Fortuna Silver Mines Inc. (NYSE:FSM) surged over 5% in pre-market trading on Wednesday after the Canadian mining company reported better-than-expected earnings for the third quarter of 2024.
According to the earnings release, Fortuna Silver Mines posted adjusted earnings per share of $0.17 for Q3, beating analysts' consensus estimate of $0.12 by a wide margin. The company's quarterly revenue of $274.9 million also exceeded Wall Street's expectations of $265.96 million.
The strong quarterly results were fueled by rising precious metal prices as well as higher production levels. Fortuna Silver Mines cited record revenues from its San Jose mine in Mexico as a key driver of the earnings beat.
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