Coeur D'Alene Mines Swings To Loss In Q3
(RTTNews.com) - Coeur d'Alene Mines Corporation (CDE), a developer of silver and gold mining properties, Tuesday reported a loss for the third quarter reflecting a steep decline in sales.
Mitchell Krebs, Coeur's chief executive Officer, said, "The Company's third quarter was negatively impacted by lower production and higher unit costs at the Palmarejo mine in Mexico, which were due to unfavorable underground conditions encountered during September and a transition in open pit production."
The company posted net loss of $15.8 million or $0.18 per share compared with a profit of $31 million or $0.35 per share for the comparable period last year.
Analyst on average polled by Thomson Reuters estimated earnings of $0.43 per share. Analyst estimates typically exclude one-time items.
Revenue for the period toppled to stand at $230.6 million compared with $343.6 million a year ago. The 33 percent dip in sales of metal was attributed by the company to lower production rates at the company's Mexican mine Palmarejo, lower average realized silver and gold prices, and fewer ounces of silver and gold sold compared to the third quarter 2011. Silver production slid 23 percent, while gold production slid 24 percent at
Palmarejo in the third quarter.
Analysts, on average, expected revenue of $246.03 million for the three-month period.
Looking ahead, the company said that expects to produce 18.5 - 19.0 million ounces of silver and 215,000 - 225,000 ounces of gold for the full-year.
Monday the stock closed at $30.37 on the NYSE.
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