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08:14 AM EDT, 05/05/2016 (MT Newswires) -- Endeavour Silver (EDR.TO) on Thursday reported improved first quarter net income even though revenues declined due to lower silver production and weaker silver prices. Endeavour owns and operates three underground silver-gold mines in Mexico.
Net earnings increased 35% to $1.8 million or $0.02 per share, compared with $1.4 million or $0.01 per share last year. Analysts expected EPS of $0.05. Revenue declined 19% to $41.5 million, falling short of estimates of $43.1 million.
Silver production decreased 17% to 1.5 million ounces while gold production increased 1% to 15,960 ounces.
During the quarter, the company sold 1.5 million silver ounces and 15,255 gold ounces at realized prices of $15.18 and $1,219 per ounce respectively, compared to sales of 1.8 million and 15,799 gold ounces at realized prices of $17.11 and $1,221 per ounce respectively in Q1 2015.
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