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Summary
The first quarter of 2023 was marked by a global slowdown across economics, which ultimately reflected in major businesses too. Industries such as mining and energy saw stable revenues despite the current economic downturns visible across the globe.
- Most companies saw revenue dips during Q1 2023 in the wake of an economic downturn.
- First Majestic is a mining company that saw a quarterly increase of 6% in its total revenue.
- Imperial Oil (TSX:IMO) is Canada’s largest petroleum refiner which saw annual rise in its quarterly net income during Q1 2023.
Some of the oil and gas sector stocks as well as mining sector stocks reported an increase in revenues during the first quarter of 2023. This article sheds light on these stocks that investors can examine during this earnings season.
With that, it is also important to note that other metrics like stock price performance should also be examined to make an informed investment decision.
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Here are two stocks that reported stable or increased revenue during Q1 2023:
First Majestic Silver Corp (TSX: TSX:FR)
The company’s mining operations are focused on procuring silver and gold. The company’s mining operations occur on the San Dimas, Jerritt Canyon, Santa Elena and the La Encantada mines. First Majestic mines gold and silvers across United States and Mexico.The company had a strong run during Q1 2023 as it produced 7.6 million silver equivalent ounces. This included 2.5 million silver ounces and 60,594 gold ounces, which marked a jump of 6% over Q1 2022.
The quarterly revenues were US$ 157 million, which was 6% higher than the previous quarter. However, this did not mark any change over the company’s total revenue during Q1 2022. Additionally, the operating cash flow before non-cash working capital and taxes was US$ 21.9 million, lower than Q1 2022’s value of US$ 35.5 million.
Image Source: © Krish Capital Pty. Ltd.; Data Source: Company Website
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Imperial Oil Ltd . (TSX: IMO)
Imperial Oil is Canada’s top petroleum refiner and is an industry leader in resource utilization. Its products include petrochemicals, crude oil, and natural gas. The company saw increased revenue during the first 2023 financial quarter.As per its latest reports, Imperial Oil’s net income during the quarter was CA$ 1.28 billion, higher than its Q1 2022 income of CA$ 1.173 billion. It generated revenues of CA$ 12.057 billion during Q1 2023. Its assets during the period amounted to CA$ 42.115 billion during Q1 2023, which was lower than its assets held in Q1 2022 of CA$ 43.524 billion.
Image Source: © Krish Capital Pty. Ltd.; Data Source: Company Website
The company stated that its strength during the period was driven by its high utilization rates across the refining network.