Coeur Mining Inc Reports Q2 2024 Financial Results
Intellectia.AI2024-08-08
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.
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