MCEWEN MINING Reports Strong Q2 Earnings for FY2023
August 18, 2023
☀️Earnings Overview
MCEWEN MINING ($NYSE:MUX) reported their second quarter earnings results of FY2023 on June 30 2023, with total revenue reaching USD 34.4 million, a 12.2% increase from the same quarter of the prior year. The net income was -21.6 million, an improvement from the -12.4 million reported in the previous year.
Stock Price
MCEWEN MINING reported strong second-quarter earnings for the fiscal year of 2023, resulting in a drop in the company’s stock price. On Wednesday, MCEWEN MINING opened at $7.5 and closed at $7.3, which was a 3.3% decrease from its last closing price of 7.5. MCEWEN MINING’s success can be attributed to its diversified portfolio of mining projects located in Canada, the United States, and Mexico. The company also reported that its cost control initiatives have been successful in keeping their operating costs low despite the increase in production.
These cost-cutting measures have allowed MCEWEN MINING to generate more money and reinvest it into new projects, making them more competitive in the mining industry. Despite this, the company’s diversified portfolio, cost control initiatives, and revenue increase paint a positive picture of the future of MCEWEN MINING. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Mcewen Mining. More…
| Total Revenues | Net Income | Net Margin |
| 123.38 | -112.6 | -86.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Mcewen Mining. More…
| Operations | Investing | Financing |
| -60.04 | -51.45 | 185.39 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Mcewen Mining. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 593.18 | 131.11 | 7.76 |
Key Ratios Snapshot
Some of the financial key ratios for Mcewen Mining are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 2.4% | – | -99.7% |
| FCF Margin | ROE | ROA |
| -68.8% | -20.3% | -13.0% |
Analysis
At GoodWhale, we conducted an analysis of the fundamentals of MCEWEN MINING, and the results are in. According to our Risk Rating, MCEWEN MINING is a medium risk investment in terms of both financial and business aspects. In order to give you even more detail, we have detected 3 risk warnings in MCEWEN MINING’s balance sheet, cashflow statement, and financial journal. To access the full analysis, simply register on our website at goodwhale.com. We’ll make sure you’re equipped with all the necessary information to make an informed decision. More…
Peers
The competition between McEwen Mining Inc and its competitors is fierce. All four companies are vying for supremacy in the gold mining industry. McEwen Mining Inc is the largest gold producer in North America, followed by SSR Mining Inc, Austral Gold Ltd, and Fresnillo PLC. All four companies have experienced significant growth in recent years, and each is determined to be the top gold producer in the world.
– SSR Mining Inc ($TSX:SSRM)
As of 2022, SSR Mining Inc has a market cap of 3.89B and a Return on Equity of 6.57%. The company is a leading precious metals producer with operations in North and South America. The company’s core assets include the Marigold mine in Nevada, the Puna Operations in Argentina, and the Seabee Gold Operation in Saskatchewan.
– Austral Gold Ltd ($ASX:AGD)
Austral Gold Ltd is a gold mining and exploration company. The company has a market cap of 26.33M as of 2022 and a Return on Equity of -12.84%. The company operates in Australia, Chile, and Argentina. Austral Gold Ltd is focused on increasing shareholder value through the exploration, development, and production of gold and copper projects.
– Fresnillo PLC ($LSE:FRES)
Fresnillo PLC is a Mexican-based precious metals mining company with a market capitalization of 5.22 billion as of 2022. The company is the world’s largest primary silver producer and Mexico’s largest gold producer. Fresnillo’s main assets are the Fresnillo and Saucito mines in the state of Zacatecas, and the Herradura mine in the state of Sonora. The company also has several development projects in Mexico, Peru, and Chile. Fresnillo’s primary products are silver and gold, and it also produces lead and zinc. The company has a strong focus on sustainable development and aims to reduce its environmental impact.
Summary
MCEWEN MINING reported their Q2 FY2023 earnings on June 30 2023, showing total revenue of USD 34.4 million, a 12.2% increase from same period last year, and a net income of -21.6 million. Despite the improvement in net income, the stock price moved down the same day. Investors should investigate any potential red flags, including weak demand, cost over-runs or balance sheet issues, as well as analyzing the company’s profitability and cash flow from operations. The rise in revenue and improvement in net income should give investors confidence, but the stock price movement should be closely monitored.
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