Thursday, May 11, 2023
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
First quarter 2023 financial results. First quarter revenue totaled $187.3 million compared to $210.1 million in the prior period and $188.4 million in the first quarter of 2022. Coeur reported an adjusted first quarter loss of $33.1 million or $(0.11) per share compared to our first quarter loss estimate of $33.8 million or $(0.11) per share and the median loss estimate of $30.7 million or $(0.10) per share. On a GAAP basis, the first quarter loss was $24.6 million or $(0.08) per share. First quarter adjusted EBITDA amounted to $25.1 million. Free cash flow during the first quarter amounted to $(109.0) million, inclusive of capital expenditures totaling $74 million.
Guidance reaffirmed. First quarter gold and silver ounces produced were 69.0 thousand and 2.5 million, respectively, while gold and silver ounces sold were 70.9 thousand and 2.6 million. We had forecast gold and silver production of 69.2 thousand and 2.3 million ounces, respectively. Silver production at the Rochester mine was ahead of our estimate. Coeur reaffirmed its 2023 gold and silver production guidance of 320.0 to 370.0 thousand ounces and 10.0 to 12.0 million ounces, respectively. Production is weighted toward the second half of the year due to mine plan sequencing and the anticipated ramp-up and commissioning of the Rochester expansion. Operationally, we expect the third quarter to be the company’s strongest based on the Rochester mine’s production profile.
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