NEW YORK (TheStreet) -- Shares of Silver Standard Resources (SSRI) were gaining 14.1% to $6.25 on heavy trading volume after the silver producer beat analysts' estimates for earnings and revenue in the first quarter.
Silver Standard reported earnings of 11 cents a share for the first quarter, beating analysts' estimates of 5 cents a share for the quarter. Revenue grew 231.1% year over year to $111.72 million for the quarter, up from $33.7 million in the year-ago quarter.
"On a silver equivalent basis, production of 6.8 million ounces at cash costs of $9.57 per payable ounce distinguishes Silver Standard from its peers," President and CEO John Smith said. "Positive net income and strong operating cash flows in the quarter resulted from our focus on cost discipline and further enable our growth strategy."
Rising silver prices may also be a reason for the company's stock price rising. Silver futures for July delivery were up 3.5% to $17.11 on the Comex late Wednesday morning.
About 3.6 million shares of Silver Standard Resources were traded by 11:26 a.m. Wednesday, above the company's average trading volume of about 1.7 million shares a day.
TheStreet Ratings team rates SILVER STANDARD RES INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate SILVER STANDARD RES INC (SSRI) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income and generally disappointing historical performance in the stock itself."