Monday, May 10, 2010

Endeavour Silver (TSE:EDR) Profits Up

Endeavour Silver (TSE:EDR) reported earnings for the first quarter have increased to $1.7 million, or 3 cents a share, improving over the same quarter last year where the company lost $1.7 million or 3 cents a share.

Gold production increased for Endeavour to 3,775 ounces, a 62 percent improvemnent. Silver production was also up, reaching 766,210 ounces, a 34 percent gain.

Overall revenue for the quarter was over double what it was last year, growing to $18.2 million, a 115 percent rise.

Guidance for the company wasn't great, as they stated the company will increase spending on exploration, which will cut into earnings for the second quarter.

Even so, gold producton should increase at the company for the next quarter, and gold prices are expected to continue rising as well.

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