Pan American Silver Q2 Profit Surges

(RTTNews) - Pan American Silver Corp. (PAAS) on Wednesday reported a sharp increase in second-quarter earnings, helped by higher metal prices and stronger silver production.

Net earnings rose to $305 million, or $0.72 per share, from $190 million, or $0.52 per share, in the year-ago quarter. Adjusted earnings nearly doubled to $308 million, or $0.73 per share, from $155 million, or $0.43 per share.

Revenue increased to $1.124 billion from $812 million.

Attributable silver production increased to 6.47 million ounces from 5.09 million ounces, while gold production declined to 165.9 thousand ounces from 178.7 thousand ounces. The company said silver and gold prices averaged $70.97 and $4,402 per ounce, respectively, during the quarter.