Make Kitco Your Homepage

Coeur Mining Flips To Profit In Second Quarter

Kitco News

(Kitco News) - Coeur Mining, Inc. (NYSE: CDE) reversed to a profit in the second quarter on higher output, the company announced Wednesday.

Net income came in at $2.9 million, or 2 cents per share, compared to a loss of $10 million, or 6 cents, in the second quarter of 2017. Adjusted net income from April through June was $1.1 million, or a penny per share, a turnaround from an adjusted loss of $1.3 million, or a penny, a year ago.

Companywide silver-equivalent production increased 14% year-over-year to 8.8 million ounces. The increase was driven by Palmarejo, where silver-equivalent production climbed 40% year-over-year to 4.1 million ounces

Revenue climbed to $170 million from $149.5 million in the year-ago period, Coeur said.

“Led by our Palmarejo operation, we delivered strong financial and operating performance in the second quarter, which has resulted in an increase to our companywide full-year production guidance ranges and a reduction to our companywide full-year cost guidance ranges,” said Mitchell J. Krebs, president and chief executive officer.

Coeur announced earlier this month that full-year production guidance was increased from a range of 36 million to 39.4 million silver equivalent ounces to a range of 37.3 million to 40.5 million due to the strong first-half performance at Palmarejo.

Krebs said that the Silvertip operation in British Columbia is expected to achieve commercial production in the third quarter.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News