UPDATE 1-First Majestic profit triples on higher shipments
* Q1 adj EPS C$0.06 vs est C$0.06
* Q1 sales up 27 pct at C$18.2
May 13 (Reuters) - Silver producer First Majestic Silver Corp's (FR.TO) quarterly profit more than tripled on higher shipments.
For the first quarter, net income was C$3 million, or 3 Canadian cents a share, compared with C$0.9 million, or 1 Canadian cent a share a year ago.
The company posted adjusted earnings of 6 Canadian cents a share.
Net revenue rose 27 percent to C$18.2 million.
Analysts on average were expecting the company to earn 6 Canadian cents a share.
First Majestic shipments rose 30 percent to 1.3 million ounces of silver equivalent at an average price of C$16.89.
The company said it expects significant reductions in smelting and refining costs, and similar reductions in total cash costs.
Shares of the company closed C$3.98 Thursday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian) (email@example.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: firstname.lastname@example.org))