Coeur Mining Misses on the Bottom Line
Silver miner Coeur Mining reported third-quarter results today after the markets closed, showing that it posted net metal sales of $200.8 million, down 2% sequentially, in large part because of declines in realized silver and gold prices, which averaged $21.06 per ounce of silver and $1,329 per ounce of gold, or declines of 8% and 6%, respectively.
While adjusted losses came in at $23.4 million, or $0.23 per share, a 32% improvement from $34.6 million, or $0.35 per share, in the same period in 2012, it was $0.03-per-share worse than the CapIQ estimates of $0.20 per share.
Coeur Mining says that despite higher production levels and lower operating costs in gold, its silver operations saw lower production in the third quarter and both metals were hurt by lower prices.
The miner reaffirmed its 2013 full-year production guidance of 18.0 million to 19.1 million ounces of silver and 250,000 to 258,000 ounces of gold, and it expects significantly higher production levels in the fourth quarter. Analysts anticipate Coeur Mining will post losses of $0.20 per share in the fourth quarter on revenues of $183 million.
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