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Fortuna Silver Mines Inc. (FSM - Free Report) reported fourth-quarter 2021 adjusted earnings per share of 10 cents, which missed the Zacks Consensus Estimate of 12 cents. The bottom line declined 9% from the year-ago quarter.
Including one-time items, Fortuna Silver reported earnings of 5 cents per share in the quarter under review compared with 10 cents in the year-ago quarter.
Fortuna Silver’s revenues surged 92% year over year to a record $199 million in the fourth quarter. This was aided by the contribution of gold sales from the Yaramoko Mine of $52.2 million and the Lindero Mine of $65.6 million.
Fortuna Silver Mines Inc. Price, Consensus and EPS Surprise
Cost of sales went up 148% to $141 million in the quarter under review. Fortuna Silver reported a mine-operating profit of $58.3 million in the quarter under review, reflecting a year-over-year improvement of 24%. Operating profit was $38.9 million, up % from $28.2 million in the prior-year quarter.
Adjusted EBITDA improved 100% year over year to $89.6 million in the fourth quarter of 2021. The adjusted EBITDA margin was 45%, indicating a 170-basis-point contraction from the prior-year quarter.
Financial Position
Fortuna Silver ended 2021 with around $107 million of cash and cash equivalents, down from the $132 million held at the end of 2020. Cash flow from operating activities was $147 million in 2021 compared with $93 million in the prior year.
Production Details
In 2021, silver and gold productions were 7,498,701 ounces and 207,192 ounces, respectively. The figures came in higher than the production of 7,133,717 ounces of silver and 55,349 ounces of gold in 2020.
Price Performance
Image Source: Zacks Investment Research
Shares of the company have fallen 40.6% in a year compared with the industry’s decline of 10.7%.
How Did FSM’s Peers Fare in Q4?
Endeavour Silver Corporation (EXK - Free Report) reported break-even earnings per share in fourth-quarter 2021 and missed the Zacks Consensus Estimate of earnings of 2 cents. The company had recorded earnings of 13 cents per share in the year-ago quarter.
Endeavour Silver’s revenues declined 20% year over year to $49 million in the quarter under review. The company carries a Zacks Rank #3 (Hold). Shares of EXK have fallen 2% over the past year.
Avino Silver & Gold Mines Ltd. (ASM - Free Report) reported fourth-quarter 2021 adjusted earnings per share of 5 cents, beating the Zacks Consensus Estimate of 3 cents per share. The company had reported break-even earnings per share in the prior-year quarter.
Avino Silver’s revenues skyrocketed 562% year over year to $9.3 million in the quarter under review, the highest recorded revenues since the fourth quarter of 2019. However, the top line missed the Zacks Consensus Estimate of $10 million. Shares of the company, with a Zacks Rank #3, have declined 23.6% in a year.
Zacks Rank & Stock to Consider
Fortuna Silver currently carries a Zacks Rank #4 (Sell).
Nutrien has an expected earnings growth rate of 106% for the current year. The Zacks Consensus Estimate for its current-year earnings was revised upward by 38% over the last 60 days.
Nutrien beat the Zacks Consensus Estimate for earnings in three of the last four quarters but missed once. It has a trailing four-quarter earnings surprise of roughly 60%, on average. NTR shares have gained around 43% year to date.
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Fortuna Silver (FSM) Q4 Earnings Miss, Revenues Rise Y/Y
Fortuna Silver Mines Inc. (FSM - Free Report) reported fourth-quarter 2021 adjusted earnings per share of 10 cents, which missed the Zacks Consensus Estimate of 12 cents. The bottom line declined 9% from the year-ago quarter.
Including one-time items, Fortuna Silver reported earnings of 5 cents per share in the quarter under review compared with 10 cents in the year-ago quarter.
Fortuna Silver’s revenues surged 92% year over year to a record $199 million in the fourth quarter. This was aided by the contribution of gold sales from the Yaramoko Mine of $52.2 million and the Lindero Mine of $65.6 million.
Fortuna Silver Mines Inc. Price, Consensus and EPS Surprise
Fortuna Silver Mines Inc. price-consensus-eps-surprise-chart | Fortuna Silver Mines Inc. Quote
Cost of sales went up 148% to $141 million in the quarter under review. Fortuna Silver reported a mine-operating profit of $58.3 million in the quarter under review, reflecting a year-over-year improvement of 24%. Operating profit was $38.9 million, up % from $28.2 million in the prior-year quarter.
Adjusted EBITDA improved 100% year over year to $89.6 million in the fourth quarter of 2021. The adjusted EBITDA margin was 45%, indicating a 170-basis-point contraction from the prior-year quarter.
Financial Position
Fortuna Silver ended 2021 with around $107 million of cash and cash equivalents, down from the $132 million held at the end of 2020. Cash flow from operating activities was $147 million in 2021 compared with $93 million in the prior year.
Production Details
In 2021, silver and gold productions were 7,498,701 ounces and 207,192 ounces, respectively. The figures came in higher than the production of 7,133,717 ounces of silver and 55,349 ounces of gold in 2020.
Price Performance
Image Source: Zacks Investment Research
Shares of the company have fallen 40.6% in a year compared with the industry’s decline of 10.7%.
How Did FSM’s Peers Fare in Q4?
Endeavour Silver Corporation (EXK - Free Report) reported break-even earnings per share in fourth-quarter 2021 and missed the Zacks Consensus Estimate of earnings of 2 cents. The company had recorded earnings of 13 cents per share in the year-ago quarter.
Endeavour Silver’s revenues declined 20% year over year to $49 million in the quarter under review. The company carries a Zacks Rank #3 (Hold). Shares of EXK have fallen 2% over the past year.
Avino Silver & Gold Mines Ltd. (ASM - Free Report) reported fourth-quarter 2021 adjusted earnings per share of 5 cents, beating the Zacks Consensus Estimate of 3 cents per share. The company had reported break-even earnings per share in the prior-year quarter.
Avino Silver’s revenues skyrocketed 562% year over year to $9.3 million in the quarter under review, the highest recorded revenues since the fourth quarter of 2019. However, the top line missed the Zacks Consensus Estimate of $10 million. Shares of the company, with a Zacks Rank #3, have declined 23.6% in a year.
Zacks Rank & Stock to Consider
Fortuna Silver currently carries a Zacks Rank #4 (Sell).
A better-ranked stock in the basic materials space is Nutrien Ltd. (NTR - Free Report) , which flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Nutrien has an expected earnings growth rate of 106% for the current year. The Zacks Consensus Estimate for its current-year earnings was revised upward by 38% over the last 60 days.
Nutrien beat the Zacks Consensus Estimate for earnings in three of the last four quarters but missed once. It has a trailing four-quarter earnings surprise of roughly 60%, on average. NTR shares have gained around 43% year to date.