02:10 PM EDT, 05/08/2024 (MT Newswires) -- First Majestic Silver ( AG ) (FR.TO, AG) on Wednesday said its first-quarter loss narrowed despite weaker revenue.

The company said it lost US$13.6 million, or US$0.05 share, in the period, narrower than its loss of US$100.7 million, or US$0.37, in the year-prior quarter..

The company reported an adjusted loss, excluding most one-time items of US$18.4 million, or US$0.06, compared with adjusted earnings of US$0.9 million, or nil,, in the first quarter of 2023.

Revenue for the quarter ended March 31 was US$106 million, down from US$157 million a year ago. Analysts polled by Capital IQ expected US$109.8 million.

The decrease in revenue was mainly attributable to a 37% decrease in the total number of payable silver equivalent ounces sold, resulting from the temporary suspension of mining activities at Jerritt Canyon in March 2023.

As of March 31, 2024, the company reported a cash and restricted cash balance of US$229.3 million consisting of US$102.1 million of cash and cash equivalents and US$127.2 million of restricted cash.

The company declared a cash dividend payment of US$0.0037 per common share for the first quarter for shareholders of record as of the close of business on May 17. The dividend will be paid June 7.

The company's shares were last seen down C$0.28 to C$9.67 on the Toronto Stock Exchange.

Price: 9.68, Change: -0.27, Percent Change: -2.71