Coeur Mining Inc Reports Q2 2024 Financial Results

authorIntellectia.AI2024-08-08
7
CDE.N
Illustration by Intellectia.AI

Coeur Mining, Inc. Reports Q2 2024 Financial Results

Coeur Mining, Inc. has reported its financial results for the second quarter ending June 30, 2024. The company's earnings statement reflected strong operational performance and highlighted key financial and segment metrics.

Key Financial Metrics

Metric Q2 2024 Q1 2024 YoY Q2 2023 Comparison Consensus Estimates
Total Revenue $222.0 million $213.0 million $177.6 million $242.25 million
Earnings Per Share $0.00 $-0.07 $-0.04 $-0.02

Financial Performance Interpretation: Coeur Mining reported revenue of $222.0 million for Q2, a 4% increase from Q1 2024, though it missed the consensus estimate of $242.25 million. The company achieved a small net income of $1.4 million, translating to an EPS of $0.00, outperforming both the previous quarter's and the prior year's EPS figures, which were both in negative territory.

Revenue Performance by Segment

Segment Q2 2024 Revenue Q1 2024 Revenue YoY Q2 2023 Comparison Revenue % of Total Q2 2024
Palmarejo $83.2 million $96.4 million $87.5 million 37%
Rochester $42.8 million $29.8 million $31.5 million 19%
Kensington $51.1 million $43.5 million $29.5 million 23%
Wharf $45.0 million $43.3 million $29.1 million 20%

Segment Performance Interpretation: Palmarejo saw a decrease in revenue due to lower gold and silver production. In contrast, Rochester's revenue surged by 43% driven by the ramp-up of a new three-stage crusher. Kensington and Wharf also posted revenue growth, reflecting increased production and higher average realized gold prices.

Key Operational Data

Operational Metric Q2 2024 Q1 2024 Q2 2023
Gold Ounces Sold 76,932 81,416 61,539
Silver Ounces Sold 2.6 million 2.6 million 2.5 million
Average Realized Gold Price (per ounce) $2,338 $2,300 $2,185
Average Realized Silver Price (per ounce) $28.84 $27.50 $26.73

Comments from Company Officers

CEO commented, "The completion of the Rochester ramp-up marks an important milestone for Coeur, significantly increasing our production capacity and expected free cash flow generation in the second half of the year."

Dividends and Share Repurchase Program

No dividends or share repurchase programs were announced in this earnings release.

Forward Guidance

Coeur reaffirmed its 2024 production guidance, maintaining output expectations of 310,000 - 355,000 gold ounces and 10.7 - 13.3 million silver ounces. However, cost guidance was adjusted to reflect operational improvements and economic conditions.

Stock Price Movement

After the earnings release, Coeur Mining’s stock price experienced a decrease of 4.83%, indicating a negative market response to the financial results and forward guidance.

Conclusion

Coeur Mining reported a modest profit for Q2 2024 with notable improvements in certain operational areas. However, the company missed revenue expectations, leading to a decline in stock price as investors reacted to the outcomes and revised guidance.

The report has been organized into a clear and structured format suitable for investors.

Share