Coeur Mining (CDE) 2020 Earnings Lower Than Expected Updating Estimates

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Friday, February 19, 2021

Coeur Mining (CDE)
2020 Earnings Lower Than Expected: Updating Estimates

Coeur Mining Inc is a metals producer focused on mining precious minerals in the Americas. It is involved in 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 the company are palmarejo, rochester, wharf, and kensington. Its projects are located in the United States, Canada and Mexico, and North America.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Fourth quarter and full year 2020 financial results. Coeur reported adjusted fourth quarter and full year 2020 EPS of $0.08 and $0.24, respectively, compared to our estimates of $0.13 and $0.30. Variance to our estimates were largely due to lower revenue and higher income and mining taxes. We were looking for higher silver production and a modestly higher average realized price for gold. Coeur reported full year adjusted EBITDA of $263.4 million and generated free cash flow of $49.4 million. On a GAAP basis, fourth quarter and full year 2020 EPS were $0.05 and $0.11, respectively. Pre-adjusted 2020 EBITDA were $214.8 million.

    Guidance for 2021.  Coeur expects to produce between 322,500 and 367,500 ounces of gold and between 9.7 million and 12.2 million pounds of silver. This compares to 355,678 ounces of gold and 9.7 million pounds of silver produced in 2020. We have trimmed our 2021 EPS estimate to $0.55 from $0.57 and initiated a 2022 EPS estimate of $0.60. We forecast 2021 and 2022 EBITDA of $320.1 million and $340.0 …



This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

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