Pan American Silver Misses on Q4 Revenues, Turns to Loss; Sets Capital Budget of $157 Million for FY 2013
Pan American Silver Corp. ( PAAS ) recorded a net loss of $29.4 million, or $0.24 per diluted share, for the fourth quarter 2012 versus a net income of $95.5 million, or $0.89 per diluted share, in the same period last year. Ex items earnings were $0.37 per share, in line with expectations
Revenues were $247.3 million, up from $212.4 million in the prior-year period but below consensus estimate of $276.5 million.
For the full year 2013, the company plans to make $157 million in capital investments.
The company's Board of Directors also approved the first quarterly cash dividend of 2013 and increased the amount of the quarterly cash dividend by 150% to $0.125 per common share. The dividend will be distributed on or about Monday, March 18, 2013 to holders of record of common shares as of the close of business on Monday, March 4, 2013.
PAAS was up nearly 2% to $15.80 in the after-hours market.