07:11 AM EDT, 05/08/2024 (MT Newswires) -- Fortuna Silver Mines ( FSM ) on Wednesday reported first-quarter adjusted attributable net income of US$26.7 million ($36.7 million), up 119% from US$12.2 million a year earlier.

Attributable net income for Q1 was US$26.3 million, or US$0.09 per diluted share, up 141% from US$10.9 million, or US$0.04 per share, a year earlier. Analyst estimates from Capital IQ were not available.

Sales for the quarter ended March 31 were US$224.9 million, up 28% from US$175.7 million a year earlier. A sole analyst surveyed by Capital IQ expected US$226 million.

The company reported Q1 gold equivalent production of 112,543 ounces, as compared with 136,154 ounces in Q4 2023. Gold production was 89,678 ounces in Q1, down from 107,376 ounces in Q4 2023.

Silver production was about 1.1 million ounces in Q1, down from about 1.4 million ounces in Q4 2023, the company said.

Fortuna Silver Mines' ( FSM ) stock, which edged up over 1% in premarket U.S. trading on Wednesday, gained nearly 2% in Canada yesterday.