08:38 AM EST, 11/05/2024 (MT Newswires) -- Endeavour Silver ( EXK ) edged up 0.8% in premarket New York trading after the company on Tuesday said it swung to an adjusted profit in the third quarter on higher silver prices even as production dropped due to maintenance issues at one of the company's mines.

The company posted an adjusted profit, which excludes most one-time items, of US$1.6 million, or US$0.01 per share, compared with a year-prior loss of US$8.3 million, or US$0.04. The company was expected to post a loss of US$0.01 per share, according to the consensus estimate of analysts polled by Capital IQ.

Revenue rose 7.9% to US$53.4 million from US$49.5 million. Silver sales dropped by 26% to 1.02 million ounces, while the company's average sales price rose 24% to US$29.63 per ounce. Gold sales rose 7.4% to 9,412 ounces, with prices up 30% to US$2,528 per ounce.

The company said the production drop came as a trunnion ball valve failed at its Guanacevi mine in Mexico, suspending operations at its mill.

Endeavour said construction of its Terronera mine in Mexico was 77% complete at the end of the quarter and remains on track for commissioning by the end of the year. The company had spent US$258 million on the project through the end of September, with total costs still on track with the company's US$270 million budget.

"Q3 2024 presented its share of challenges as the company operated at reduced capacity due to the trunnion failure at the Guanacevi mine. While we are eager to return to full production at Guanacevi, we are most excited to be in the final sprint towards commissioning at the Terronera project, which promises to be a transformative milestone for the company," Chief Executive Dan Dickson said in a release.

The company's shares were last seen up US$0.04 to US$4.81 in premarket trading in New York. They closed down $0.20 to $6.59 on Monday on the Toronto Stock Exchange.