May 19, 2011 / 1:46 AM / 6 years ago

UPDATE 1-Pan American Silver posts Q1 results

* Q1 EPS $0.60 vs est $0.54

* Q1 rev up 40 pct to $190.5 mln

* Sees FY production of 23-24 mln silver ounces

May 18 (Reuters) - Pan American Silver Corp PAA.TO posted an over three-fold rise in quarterly profit, handily beating estimates, and reaffirmed its full-year production outlook.

The Vancouver-based miner said it expects to produce 23 million to 24 million ounces of silver in 2011, down slightly from the 24.3 million ounces it produced last year.

The company’s Jan-March quarter’s net income was $92.7 million, or 86 cents per share, compared with $26.1 million, or 16 cents per share, a year earlier.

Revenue rose 40 percent to $190.5 million.

The miner, which operates in Mexico, Peru, Bolivia and Argentina, produced 5.3 million ounces of silver in the quarter.

Analysts on average were expecting the company to earn 54 cents per share, according to Thomson Reuters I/B/E/S. (Reporting by Abhiram Nandakumar in Bangalore)

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