Avino Silver (ASM) Earnings Beat Estimates in Q4, Revenues Down

Core Insights - Avino Silver & Gold Mines Ltd. reported a decline in earnings per share for Q4 2023, with a 33% drop to 2 cents compared to 3 cents in Q4 2022, while revenues decreased by 14.5% year over year to $12.5 million, surpassing the Zacks Consensus Estimate of $9.5 million [1][2] Operational Update - Cash costs per silver equivalent payable ounce decreased by 28% to $15.04, while all-in sustaining costs rose by 16% to $21.67 per silver equivalent ounce [2] - Mine-operating profit fell by 41% to $2.56 million, and EBITDA dropped by 65% to $1.1 million compared to the previous year [2] Financial Position - The company ended 2023 with $2.7 million in cash, down from $11.2 million at the end of 2022, with cash provided by operating activities at $1.5 million compared to $11.8 million in 2022 [3] Production Update - Consolidated production for Q4 2023 was 558,460 silver equivalent ounces, a 27% decrease year over year, with silver production down 27%, gold down 40%, and copper down 14% [4] - For the full year 2023, consolidated production was approximately 2.42 million silver equivalent ounces, a 9% decline, while gold production increased by 27% to 7,335 ounces [4] 2023 Results - For 2023, earnings per share were 4 cents, beating the Zacks Consensus Estimate of 1 cent, but down 50% from 8 cents in 2022; revenues dipped 1% year over year to $44 million, exceeding the Zacks Consensus Estimate of $43 million [5] Update on La Preciosa - The company is prepared to start operations at La Preciosa, having applied for an environmental permit, with capital expenditures for 2024 estimated between $3 million and $4 million for initial development [6][7] Guidance for 2024 - Expected output for 2024 from both the Avino Mine and La Preciosa stockpiles is projected to be between 700,000 and 750,000 tons for mill processing, with production anticipated between 2.5 million and 2.8 million silver equivalent ounces [8] Price Performance - Avino Silver's shares have declined by 24.8% over the past year, compared to a 10% decline in the industry [9]