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Coeur Mining (CDE) to Report Q3 Earnings: What's in Store?

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Zacks Equity Research
·4 min read
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Coeur Mining, Inc. CDE is scheduled to report third-quarter 2020 results on Oct 28, after the closing bell.

Q2 Results

The company had reported earnings per share of 1 cent in second-quarter 2020, reversing the prior-year quarter’s loss per share of 11 cents. The figure also beat the Zacks Consensus Estimate of a loss of 4 cents per share. The top line of $154 million missed the Zacks Consensus Estimate of $156 million and declined 2% year over year.

Q3 Estimates Trend

The Zacks Consensus Estimate for third-quarter total sales is pegged at $211.8 million, indicating growth of 6% from the year-ago quarter. The consensus mark for earnings currently stands at 7 cents. Notably, the company reported a loss per share of 2 cents in the prior-year quarter. The estimate has moved up 17% over the past seven days.

The company has a trailing four-quarter earnings surprise of 86.1%, on average.

Coeur Mining, Inc. Price and EPS Surprise

Coeur Mining, Inc. Price and EPS Surprise
Coeur Mining, Inc. Price and EPS Surprise

Coeur Mining, Inc. price-eps-surprise | Coeur Mining, Inc. Quote

Factors to Note

Active mining and processing activities at the company’s Palmarejo silver-gold complex in Mexico had to be suspended for approximately 45 days in the second quarter in accordance to government restrictions in response to the coronavirus pandemic. This impacted the company’s second-quarter results as Palmarejo was its top performing operation in the first quarter of 2020 Following receipt of updated guidance from the Mexican government that precious metals mining is now considered an essential business activity, the mine resumed operations in June and has been ramping up since.

Meanwhile, its other operations — Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, the Wharf gold mine in South Dakota —continued to operate without interruption during the third quarter. This might get reflected in the company’s performance in the quarter to be reported.  

The Zacks Consensus Estimate for the company’s silver production is currently pegged at 2.8 million ounces, suggesting a decline of 7% from 3.02 million ounces produced in the prior-year quarter. The estimate for gold production for the third quarter stands at 91,000 ounces, down compared with 100,000 ounces in year-ago quarter.

Gold prices have risen 24% so far this year and gained 4% in the third quarter, primarily buoyed by high level of uncertainty stemming from the COVID-19 pandemic. Silver prices have also increased 26% in the third quarter, triggered by the recent recovery in industrial activity. The industrial metal has gained 37% year to date. Higher gold and silver prices are likely to get reflected in the to-be-reported quarter’s results.

What Does Our Model Say?

Our proven model conclusively predicts an earnings beat for Coeur Mining this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.

You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Earnings ESP: The Earnings ESP for Coeur Mining is +28.57%.

Zacks Rank: The company currently carries a Zacks Rank of 2.

Price Performance

In a year’s time, shares of Coeur Mining have gained 67.2%, compared with the industry’s rally of 44.4%.

Other Stocks to Consider

Here are some other Basic Material stocks, which you may want to consider, as our model shows that these too have the right combination of elements to post an earnings beat in their upcoming releases:

Newmont Corporation NEM has an Earnings ESP of +2.24% and a Zacks Rank of 1, currently. You can see the complete list of today’s Zacks #1 Rank stocks here.

Cabot Corporation CBT, currently a Zacks #2 Ranked stock, has an Earnings ESP of +12.50%.

Eastman Chemical Company EMN has a Zacks Rank #2 and an Earnings ESP of +3.46%, at present.

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Newmont Corporation (NEM) : Free Stock Analysis Report
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