Canada's First Majestic Q2 revenue jumps on higher metal prices

First Majestic Silver

30/07/2026 12:47

Overview
Canada silver and gold miner's Q2 revenue rose 57% yr/yr, driven by higher metal prices
Adjusted EPS for Q2 rose but missed analyst expectations
Company raised quarterly dividend by 217% yr/yr and repurchased 1.2 mln shares

Outlook
First Majestic targets quarterly dividend at 2% of net quarterly revenues per share

Result Drivers
HIGHER METAL PRICES - Co said 90% higher realized silver prices and 40% higher realized gold prices were the main drivers of revenue and earnings growth
SALES VOLUME GAINS - Revenue growth also supported by 57% and 22% increases in silver ounces sold at La Encantada and Santa Elena, respectively
COST INCREASES - Cash costs and AISC per silver equivalent ounce rose due to operational disruptions, stronger Mexican peso, and higher mining activity costs

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Adjusted EPS
Miss
$0.21
$0.30 (3 Analysts)

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the non-gold precious metals & minerals peer group is "buy"
Wall Street's median 12-month price target for First Majestic Silver Corp is C$35.00, about 63.5% above its July 29 closing price of C$21.41
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 20 three months ago

Reuters Recommended Reads
July 29 - Canada's Endeavour Silver Q2 revenue jumps 149% on higher output, prices
July 29 - Canada's Agnico Eagle Q2 net income rises on higher gold prices
July 29 - Canada's Kinross Gold Q2 revenue, profit benefit from higher prices

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)