Thursday, May 13, 2010

Silvercorp Metals (NYSE:SVM) Downgraded, Misses Estimates

Silvercorp Metals (NYSE:SVM) didn't have a good day today, as they not only missed estimates, but were downgraded from "Buy" to "Neutral" by Global Hunter Securities.

Earnings and revenue were up year over year for Silvercorp, with earnings increasing to $9.8 million, from the $1.2 million last year in the same quarter, while revenue jumped to $28.2 million, a 62 percent gain over last year.

Analysts had been looking for $31.7 million in revenue.

Earnings increased, for the most part, on higher production and rising selling prices.

Silvercorp production jumped to 4.62 million ounces for last year, a record for the company.

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