Endeavour Silver Corporation EXK produced 1.6 million silver equivalent ounces in the third quarter of 2024, a 14% decline from the year-ago quarter due to reduced silver production at its mines, which offset higher gold output.

Endeavour Silver’s Silver Production Slips, Gold Rises

Consolidated silver production fell 24% year over year to 874,717 million ounces. This was due to a reduced operating capacity at Guanaceví after the trunnion  breakdown in August.

Endeavour Silver, however, witnessed a 2% year-over-year improvement in gold production at 9,290 ounces. The rise was driven by higher gold grades mined at Guanaceví and Bolañitos, as well as increased gold content in third-party feed processed at Guanaceví. Gold output at the Guanaceví mine fell 10.5% year over year to 2,828 ounces, while the Bolañitos mine’s output grew 9% to 6,462 ounces. 

Guanaceví’s silver production was 768,905 million ounces, down 26% year over year. At Bolanitos, silver production was down 2% year over year to 105,812 million ounces.

Upbeat Prices to be Offset by EXK’s Low Output in Q3

For the third quarter , Endeavour Silver reported a 25.7% year-over-year decline in silver sales at 1.02 million ounces, while gold sales rose 7.4% to 9,412 ounces. At the quarter’s end, the company held 109,719 ounces of silver and 401 ounces of gold in bullion inventory. EXK also held 8,202 ounces of silver and 560 ounces of gold in the concentrate inventory.

We expect EXK’s third-quarter results to reflect the upward trend in gold and silver prices. While higher gold output in the July-September period is likely to have aided the company’s top-line performance, it is expected to have been offset by the decline in silver production.

The company has a four-quarter trailing earnings surprise of a negative 100%, on average. 

Find the latest EPS estimates and surprises on Zacks Earnings Calendar.

Endeavour Silver’s Share Price Outperforms Industry

EXK shares have gained 75.7% over the past year compared with the industry's 54.8% growth.

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EXK’s Zacks Rank & Stock to Consider

The company currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, IAMGOLD Corporation IAG and Eldorado Gold Corporation EGO. CRS, IAG and EGO sport a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Carpenter Technology’s fiscal 2025 earnings is pegged at $6.09 per share. The consensus estimate for 2025 earnings has moved 7% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 15.9%. CRS shares have gained 127.1% in a year.

The Zacks Consensus Estimate for IAMGOLD’s 2024 earnings is pegged at 39 cents per share. The consensus estimate for 2024 earnings has moved 36% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 200%. IAG shares have gained 152.6% in a year.

The Zacks Consensus Estimate for Eldorado Gold’s 2024 earnings is pegged at $1.32 per share. The consensus estimate for 2024 earnings has moved 16% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 430%. EGO shares have gained 82.9% in a year.

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