Silver Mining Major Pan America Swings To Profit As Costs Fall
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Pan American Silver Corp, the world’s second-largest primary silver producer, reversed to a profit in the fourth quarter of last year. The company also hiked its quarterly dividend and announced an increase in silver mineral reserves. Pan American reported that adjusted net earnings were $19 million, or 12 % share, in the fourth quarter, a turnaround from an adjusted loss of $12.7 million, or 8 cents, in the same period a year ago. Net income increased to $22.3 million, or 14 % share, in the October-December period, compared with a net loss of $137 million, or 88 cents, in the fourth quarter of 2015, when the company reported a large impairment charge.
For full-year 2016, adjusted earnings were $86.6 million, or 57 cents, a reversal from a 2015 adjusted net loss of $41.3 million, or 27 cents. Full-year net income was $101.8 million, or 66 cents, in 2016, compared with a 2015 net loss of $231.6 million, or $1.49. Pan American announced that a quarterly cash dividend of $0.025 per common share, for a total payout of $3.8 million, was approved by the board of directors. This is an increase from the 2016 quarterly dividend of $0.0125 per share.