Silvercorp -12% after weak quarterly results

|About: Silvercorp Metals Inc. (SVM)|By:, SA News Editor

Silvercorp (SVM -11.9%) shares plunge after the miner reported FQ3 earnings fell to $0.01/share from $0.03 and sales slumped to $24M from $59M, both figures below analyst estimates, and slashed its dividend by 80%.

SVM says results were hurt by lower metal production as silver, lead and zinc production fell 42%, 45%, and 58% Q/Q  respectively, and a significantly lower net realized silver price of $16.20/oz., down 35% Q/Q.

Gross margin was 44% vs. 64% in FQ2; cash flow from operations was $9.9M vs. $27.8M in the previous quarter.