11:08 AM EDT, 08/14/2025 (MT Newswires) -- (Adds National Bank comment and updates shares.)

First Majestic Silver ( AG ) on Thursday said it swung to adjusted profit in the second quarter.

The miner booked adjusted earnings, excluding most one-time items, of US$18.4 million, or US$0.04 per share, reversing a loss of US$20.4 million, or US$0.07, in the year-prior quarter.

Revenue surged 94% to US$264.2 million from US$136.2 million following a 42% increase in silver equivalent payable ounces sold and a 24% rise in the average realized silver price, which averaged US$34.62 per ounce during the quarter.

The company produced 7.9-million silver equivalent ounces, up 48% from 5.3-million silver equivalent ounces.

The board declared a cash dividend of US$0.0048 per share for the second quarter, to be paid around Sept. 15 to shareholders of record as of Aug. 29.

National Bank of Canada maintained its sector-perform rating and $15.00 price target on the company's shares following the news.

The bank calculated First Majestic's comparable adjusted EPS at US$0.02, above the bank's forecast of US$0.01 loss per share.

National Bank said the sector perform rating is based on the company's already strong market valuation, which reflects the quality of its assets and strong balance sheet.

First Majestic shares were last seen down $0.25 to $12.05 on the Toronto Stock Exchange.

Price: 12.10, Change: -0.20, Percent Change: -1.63