Coeur Mining Flips To Profit In Second Quarter
(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.
By Allen SykoraFor Kitco News
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