08:16 AM EST, 11/07/2018 (MT Newswires) -- First Majestic Silver (FR.TO) was up 2.1% in pre-market New York trading after the company on Wednesday said returned to a third-quarter profit on record production and lower costs.

The company said it earned US$5.9 million, or US$0.03 per share, compared with a loss of US$40 million, or US$0.22 in the third quarter. On an adjusted basis, the company lost US$0.03 per share, compared with a loss of $0.22 per share, Revenue rose 11% to US$88.5 million.

First Majestic's output of silver and other metals from its seven Mexican mines rose 31% to 6.74 silver equivalent ounces while all-in sustaining costs dropped 8% to US$15.12 per ounce.

The company said it will continue to focus on reducing costs, with chief executive Keith Neumeyer saying in a release "cost cutting efforts remain a focus of the company by reducing capital investments at our smaller mines, innovation projects, layoffs and overall curtailment of spending."

First Majestic said it would cut its 2018 capital budget by US$33.9 million to US$114.8 million due to weak metal prices.

The company's shares were up US$0.12 to US$5.82 in premarket New York trade. They closed Tuesday at $7.48 on the Toronto Stock Exchange.