Friday, February 22, 2019

Coeur Mining, Inc. (CDE)

CDE exceeds expectations; outlook remains favorable.

Coeur Mining Inc is a metals producer focused on mining precious minerals in the Americas. The company is involved on the discovery and mining of gold and silver, and generates the vast majority of revenue from the sale of these precious metals. The operating mines of company are palmarejo, rochester, wharf, and kensington.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

RATING: OUTPERFORM

• CDE reports fourth quarter and full year 2018 earnings.  Coeur reported adjusted fourth quarter earnings of $16.1 million, or $0.08 per share, compared with our estimate of a loss of $7.4 million, or ($0.04) per share.  The consensus estimate was a loss of ($0.10) per share.  The variance to our estimate is attributed, in part, to a $36.2 million tax benefit.  On a full year basis, the company reported an adjusted net loss of $2.2 million, or ($0.01) per share.  By our calculation, fourth quarter and full year adjusted EBITDA were $36.2 million and $158.4 million, respectively.  On a reported basis, Coeur reported earnings per share of $0.00 in the fourth quarter and a full year loss of ($0.26) per share.
• Production guidance for 2019.  Coeur expects to produce 12.2 million to 14.7 million ounces of silver, 334,000 to 372,000 ounces of gold, 25.0 million to 40.0 million pounds of zinc and 20.0 million to 35.0 million pounds of lead in 2019.  In 2018, the company produced 12.8 milli… 
  
  
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