McEwen (MUX) Reports Q2 Loss, Tops Revenue Estimates

Financial Performance - McEwen reported a quarterly loss of $0.26 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.22, but an improvement from a loss of $0.46 per share a year ago [1] - The company posted revenues of $47.48 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 8.15% and up from $34.4 million year-over-year [2] - Over the last four quarters, McEwen has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Stock Performance - McEwen shares have increased approximately 14.2% since the beginning of the year, outperforming the S&P 500's gain of 9.9% [3] - The current Zacks Rank for McEwen is 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.02 on revenues of $47.1 million, while for the current fiscal year, the estimate is -$0.70 on revenues of $220.45 million [7] - The estimate revisions trend for McEwen is mixed, and future earnings expectations will depend on management's commentary during the earnings call [4][5] Industry Context - The Mining - Miscellaneous industry, to which McEwen belongs, is currently ranked in the bottom 27% of over 250 Zacks industries, which may impact stock performance [8] - Another company in the same industry, HudBay Minerals, is expected to report quarterly earnings of $0.06 per share, reflecting a year-over-year change of +185.7% [9]