COEUR D'ALENE, Idaho (AP) -- Coeur d'Alene Mines Corp. said Thursday that its first-quarter net income tripled, helped by an accounting adjustment and increased gold production.
But adjusted results missed analysts' estimates. Shares dropped in afternoon trading.
The silver and gold producer earned $12.3 million, or 14 cents per share, for the three months ended March 31. That's up sharply from $4 million, or 4 cents per share, a year earlier.
The current quarter included a fair market value adjustment that added $17.8 million to results, while the prior-year period was reduced by $23.1 million for the same adjustment. Coeur d'Alene said that fair market value adjustments are mostly driven by lower or higher gold prices.
Taking out the accounting adjustment and other items, earnings were 8 cents per share.
Analysts predicted earnings of 17 cents per share, according to a FactSet poll.
The company's stock fell 39 cents, or 2.5 percent, to $14.84. The shares have traded between $13.31 and $31.97 over the past year.
Metal sales declined 16 percent to $171.8 million from $204.6 million. Average realized prices fell 7 percent per silver ounce and dropped 4 percent per gold ounce.
Silver production fell 22 percent to 3.8 million ounces. Gold production rose 30 percent to 56,913 ounces.
The company maintained its 2013 forecasts for 18 million to 19.5 million ounces of silver and 250,000 to 265,000 ounces of gold.
Coeur d'Alene is moving its corporate headquarters from Idaho to Chicago, a move it had been considering since late last year. It is also planning to reincorporate to Delaware and change its name to Coeur Mining Inc. after its annual shareholders meeting on Tuesday, if it receives shareholder approval.
Coeur d'Alene said it has ended plans to sell its stake in silver production and reserves from the Endeavor mine in Australia and the royalty from the Cerro Bayo gold and silver mine in southern Chile to XDM Royalty Corp. The company blamed a "severe dislocation in metals markets" for ending the proposed $67 million deal, which it struck last month. Coeur d'Alene said that it and XDM are still committed to continuing talks to possibly reach a revised agreement.