Pan American Silver Q3 adjusted EPS misses estimates as production drops below outlook
PAAS•Pan American Silver reported Q3 adjusted EPS of $0.69, below the $1.23 analyst consensus, while revenue rose to $1.006 billion. It lowered 2026 gold production guidance to 660,000-680,000 ounces and raised its gold segment AISC forecast.
1. Quarterly results
Pan American Silver reported Q3 net income of $357 million and adjusted EPS of $0.69, missing the $1.23 consensus from three analysts. Revenue was $1.006 billion, and the company declared a $0.185 dividend. It returned $300 million to shareholders during the quarter through dividends and share repurchases.
2. Production and guidance
Q3 silver and gold production fell below outlook. The company attributed lower silver output to mine sequencing at Juanicipio and Cerro Moro, and lower gold output mainly to production at Timmins and Shahuindo. Pan American expects 2026 silver production at the low end of its 25 million- to 27 million-ounce guidance range, lowered its 2026 gold production guidance to 660,000-680,000 ounces from 700,000-750,000 ounces, and raised its gold segment AISC forecast to $2,000-$2,150 per ounce from $1,700-$1,850.
