What happened

SilverCrest Metals (SILV 9.04%) stock was worth its weight in gold today, as the precious metals company booked a more than 6% gain on the market Friday. Investors liked the company's latest earnings report, which featured a pair of very convincing beats over analyst projections.

So what

For its first quarter, SilverCrest's revenue totaled $58 million, a robust 42% leap over the less than $41 million it earned in the same period of 2022.

This was aided in no small measure by a jump in mine operating income, which was nearly $10 million higher at $35.6 million. Higher sales of its two key precious metals also helped -- the company's gold sales rose by 25% to 14,200 ounces, while the respective figures for silver were 39% and 1.36 million ounces.

Not surprisingly given those metrics, net income also saw a marked improvement. In fact, it increased more than fivefold, rising to just over $27 million ($0.18 per share) from the year-ago quarter's $5.2 million. 

Prognosticators tracking SilverCresT had significantly more modest expectations. On average, they were estimating the company's revenue would be barely above $40 million, and its per-share net income $0.13.

Now what

The improved results gave SilverCrest an excellent chance to clean up its balance sheet, and it did not squander this opportunity. The company said that with its available cash -- the company generated over $19 million in net free cash flow -- it retired 95% of its borrowings. It also ended the quarter with nearly $46 million in cash in its coffers.