Silvercorp Metals Inc. (NYSE:SVM) Q1 2025 Earnings Conference Call August 14, 2024 12:00 PM ET
Company Participants
Lon Shaver - President
Conference Call Participants
Joseph Reagor - ROTH Capital Partners
Felix Shafigullin - Eight Capital
Dalton Baretto - Canaccord Genuity Corp
Kevin O'Halloran - BMO Capital Markets
Operator
Thank you for standing by. Good afternoon. My name is Julie, and I will be your conference operator today. At this time, I’d like to welcome everyone to the Silvercorp First Quarter Fiscal 2025 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks there will be a question-and-answer session. [Operator Instructions] Thank you.
I would now like to turn the conference over to Lon Shaver, President of Silvercorp. Please go ahead.
Lon Shaver
Thank you Julie. On behalf of Silvercorp, I would like to welcome everyone to the call this morning. Today, we will discuss our first quarter fiscal 2025 financial results which were released yesterday after the close of the market. A copy of the news release, our MD&A and financial statements are available on our website and SEDAR+.
Before we get going, please note that certain statements on today's call will contain forward-looking information within the meaning of applicable securities laws. And also please review the cautionary statements in our news release, as well as the risk factors described in our most recent regulatory filings.
Now to recap our quarterly financial results, we kicked off the fiscal year with record quarterly revenue of $72 million. That was a 20% increase from last year. This growth was driven by a robust commodity market which led to notable improvements in realized metal prices particularly in China compared to Q1 of last year.
In particular the realized silver price rose by 36%, gold by 18% -- lead by 18% and zinc by 23%. Silver remains our most important metal, contributing 63% of our Q1 revenue, followed by lead at 22%. I will note that silver was 59% of revenue in Q1 of 2024 and 55% of revenue in Q4 of 2024. The results of this quarter reinforce why investors should own our shares, namely demonstrating that we provide leverage to higher metals prices through the response in our financial results.
Moving down the income statement, attributable net income for Q1 was $22 million or $0.12 per share. This is up significantly from $9 million or $0.05 per share in Q1 of fiscal 2024. The increase in our bottom-line reflects those higher metals prices, partially offset by lower sales volume and higher business expenses related to the Adventus acquisition. On an adjusted basis, excluding the impact of noncash and one-time items, our attributable adjusted net income for the quarter was $21 million or $0.12 per share compared to $12 million or $0.07 per share in Q1 of last year.