First Majestic Reports 95% Revenue Surge to $476.7M, Hikes Dividend 280%
First Majestic posted Q1 revenue of $476.7 million, up 95% year-over-year, and free cash flow of $223.5 million after $95.5 million in taxes, lifting net earnings to $128.1 million (EPS $0.26) and adjusted EPS to $0.31. The company closed Q1 with a record $1.13 billion treasury and hiked its dividend 280% to $0.0171.
1. Q1 Financial Performance
First Majestic delivered quarterly revenue of $476.7 million, a 95% increase year-over-year, driven by higher realized silver and gold prices. Net earnings reached $128.1 million (EPS $0.26) with adjusted net earnings of $151.7 million (EPS $0.31), while mine operating earnings and EBITDA rose to $266.6 million and $306.8 million respectively.
2. Cash Flow and Treasury Position
Operating cash flow before working capital and taxes climbed 182% to $310.6 million, equivalent to $0.63 per share. After paying $95.5 million in income taxes, free cash flow totaled $223.5 million, boosting the treasury to a record $1.1286 billion at quarter-end.
3. Cost and Operational Efficiency
Throughput rates improved by 12%, enabling optimization of lower marginal cut-off grades and driving margin expansion. Cash cost per AgEq ounce stood at $20.28, with an all-in sustaining cost of $29.76, resulting in an AISC margin of $52.24 per ounce.
4. Dividend Boost and Future Cost Outlook
The quarterly dividend was hiked 280% to $0.0171 per share, reflecting the strong cash generation. Cash costs and AISC are anticipated to decline in the second half as operational efficiencies continue and metal prices remain favorable.