NEW YORK — First Majestic Silver Corp. delivered a blockbuster fourth quarter, with revenue rocketing 169% year-over-year to $463.9 million. The figure crushed Wall Street expectations of $403.8 million, according to Fiscal.ai data.

That revenue haul propelled the company’s shares, traded under the ticker AG on the New York Stock Exchange, up over 4% before the market opened Thursday. Investors shrugged off a miss on per-share earnings as the headline numbers took center stage.

First Majestic flipped to a net profit of $105.2 million for the quarter ended Dec. 31, reversing a $13.5 million loss from the same period in 2023. Earnings came in at $0.17 per share, shy of analysts’ $0.20 forecast. Still, the swing to profitability underscored a sharp turnaround.

Silver drove the results. The company said 60% of its Q4 revenue stemmed from silver sales, reflecting strong prices and steady production at its Mexican operations. First Majestic operates several mines in Mexico, including the high-grade San Dimas and Santa Elena complexes.

Executers highlighted operational efficiencies and higher metal prices as key factors. Silver averaged around $28 per ounce in the quarter, up significantly from prior periods, while gold contributed the rest of the revenue mix.

In a nod to shareholders, First Majestic declared a quarterly cash dividend of $0.0083 per share, payable in early April to holders of record by March 12. The payout signals confidence amid the strong results.

The earnings release caps a volatile year for silver miners. First Majestic’s stock has swung wildly with metal prices, gaining traction as industrial demand and safe-haven buying boosted silver above $30 per ounce at times in early 2025.

Analysts now watch for production guidance and cost controls. The company produced 9.5 million silver equivalent ounces in Q4, up 12% from a year ago, officials said. All-in sustaining costs held steady at about $17 per ounce.

Pre-market gains positioned AG shares for a strong open, trading around $8.25, up from Wednesday’s close of $7.89. Volume remained light ahead of the bell, but sentiment tilted positive on the revenue beat.

First Majestic CEO Keith Neumeyer called the quarter a ‘milestone,’ pointing to expanded output and market tailwinds. The company reaffirmed its full-year production target of 38-40 million silver equivalent ounces.

Broader markets eyed the report amid choppy trading. The S&P 500 metals and mining index rose 0.5% pre-market, buoyed by precious metals strength. Gold hovered near $2,700 per ounce Thursday morning.

Details emerged in the company’s filing with the Toronto Stock Exchange and U.S. Securities and Exchange Commission. First Majestic, headquartered in Vancouver, Canada, focuses almost exclusively on silver assets in Mexico.