Fresnillo H1 2023 Results: What to Expect

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Revenue Forecast

According to a consensus compiled by Visible Alpha and based on estimates from nine analysts, Mexican precious-metals miner Fresnillo is expected to report total revenue of $1.35 billion for the six months ended June 30. This is an increase from the $1.26 billion reported for the same period last year.

Earnings Forecast

The Visible Alpha consensus predicts that Fresnillo will report earnings before interest, taxes, depreciation, and amortization (EBITDA) of $403.0 million for the first half of 2023. This is slightly lower than the $459.1 million EBITDA reported for the same period last year.

Pre-tax Profit Forecast

Fresnillo is expected to announce a first-half pre-tax profit of $122.8 million, which is down from last year’s figure of $155.2 million.

Key Watch Factors

  1. Costs: Market attention will be focused on the impact of cost headwinds, including inflation and the strengthening of the Mexican peso against the U.S. dollar. Additionally, investors will be interested in any inventory charges or front-loading of exploration costs. Last week, Fresnillo provided commentary on costs in its production update. Consensus estimates suggest that total costs and expenses for the half year will amount to $1.20 billion, compared to $1.04 billion last year.

  2. Production: Investors will be eager for an updated volume guidance for 2024. Analysts from Citi highlight that market interest will be on management confidence regarding the silver production recovery at existing mines and the cost dynamics at the Juanicipio mine. The solid ramp-up delivered by the mine in Q2 2023 makes these areas particularly intriguing.

Stay tuned for Fresnillo’s first-half results on Tuesday.

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