Fortuna Mining (FSM) Q2 Earnings Miss, Revenues Surge Y/Y
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 13 2024
0mins
Source: Yahoo Finance
Fortuna Mining Corp. Earnings Report: Fortuna Mining Corp. reported Q2 2024 earnings per share of 13 cents, missing estimates but showing significant improvement from last year's 1 cent, driven by a 64% revenue increase to $260 million due to higher gold sales and prices, despite a decline in silver sales.
Production and Financial Highlights: Gold equivalent production rose 25% year over year to 116,570 ounces, with a notable contribution from the Séguéla mine; the company ended the quarter with $106 million in cash, reflecting strong operational cash flow growth compared to the previous year.
Analyst Views on FSM
Wall Street analysts forecast FSM stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for FSM is 9.59 USD with a low forecast of 6.48 USD and a high forecast of 11.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
4 Analyst Rating
3 Buy
0 Hold
1 Sell
Moderate Buy
Current: 11.400
Low
6.48
Averages
9.59
High
11.00
Current: 11.400
Low
6.48
Averages
9.59
High
11.00
About FSM
Fortuna Mining Corp. is a Canadian precious metals mining company. The Company's mines include Seguela Mine, Lindero Mine and Caylloma Mine. The Seguela Mine is located in the Worodougou Region of the Woroba District, Cote d’Ivoire, approximately 500 kilometers (kms) from Abidjan, via highways to the regional city of Seguela. The Seguela Mine in Cote d’Ivoire consists of the Antenna, Koula, Agouti, Boulder, Ancien, and Sunbird deposits, which may be mined via open-pit methods. Within a total land package of 62,000 hectares, there are more than 30 highly prospective targets. The Lindero Mine is an open pit mine, which is located in Salta, Argentina and includes gold porphyry deposits. The Caylloma Mine is located in the Caylloma District of Arequipa, Peru, which produces silver, gold, zinc, and lead. The site is 4,500 meters above sea level and includes the mine, a processing plant, and related infrastructure. The Company's Diamba Sud project is located in Senegal.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
