Stock Monitor: First Majestic Silver Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 17, 2018 / If you want access to our free earnings report on Coeur Mining, Inc. (NYSE: CDE), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CDE. On April 25, 2018, Coeur Mining reported financial results for the first quarter of 2018 ending March 31, 2018. The Company surpassed analysts' estimates for earnings as well as revenue in Q1 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
Coeur Mining's total revenues reached $163.27 million for Q1 FY18, reflecting a decrease of12.01% from $185.55million in Q1 FY17. The decline was due to elevated sales in Q1 FY17 related to inventory carried over from the preceding year. The reported revenue number exceeded analysts' consensus estimates by $2.96 million.
In the quarter under review, silver equivalent production increased 3.75% to 8.3 million AgEqOz (average spot silver equivalent ounce) on a y-o-y basis, mainly due to a 31% increase in silver production at Palmarejo, partially offset by a 14% decrease in gold production at Wharf over the same period. Moreover, silver sales contributed 32% of revenue during Q1 FY18, while gold sales contributed 68%, based on average realized prices of $16.70 and $1,268 per ounce, respectively. The Company's US operations accounted for approximately 55% of the total revenue during the reported quarter.
Coeur Mining incurred total costs and expenses of $149.83 million in Q1 FY18, 13.09% lower than $172.40 million in Q1 FY17. The Company's cost applicable to sales fell 13.23% to $99.34 million on a y-o-y basis, and general and administrative (G&A) expenses dipped 13.05% to $8.80 million on a y-o-y basis in the reported quarter. Coeur Mining's earnings before interest, tax, depreciation, and amortization (EBITDA) was $49.38 million for Q1 FY18 compared to $71.45 million in Q1 FY17, reflecting a decrease of 30.88%. The Company's adjusted EBITDA declined 9.15% to $49.52 million on a y-o-y basis in the quarter under review.
Coeur Mining's net income from continuing operations for the quarter ending March 31, 2018, was $0.69 million compared to $18.30 million in the same period last year. The Company had a nil diluted income per share (from continuing operations) in Q1 FY18 compared to $0.10 in Q1 FY17. The reported earnings included fair value adjustments, loss on sale of assets and securities, transaction costs, and foreign exchange loss. Coeur Mining's adjusted net income, excluding these non-recurring items, was $0.68 million in Q1 FY18 compared to $6.77 million in Q1 FY17. The Company's adjusted diluted earnings per share (DEPS) also declined to 0 in the reported quarter from $0.04 in the previous year's same quarter. This exceeded analysts' consensus estimates by $0.05 per share.
Coeur Mining had cash and cash equivalents of $159.64 million as on March 31, 2018, 16.87% lower than $192.03 million as on December 31, 2017. The Company's long-term debt increased 0.66% to $414 million as on March 31, 2018, from $411.30 million as on December 31, 2017.
Coeur Mining's cash provided by operating activities of continuing operations for three months ending March 31, 2018, was $15.54 million compared to $43.94 million in the same period last year. The Company had a free cash outflow of $26.80 million in Q1 FY18 compared to a cash inflow of $20.35 million in Q1 FY17. The Company's free cash flow was affected by capital expenditures of $18.60 million related to the commissioning of operations at the Company's new Silvertip underground mine in British Columbia.
Coeur Mining incurred capital expenditures of $42.35 million in the quarter under review, 79.50% higher than $23.59 million in the year ago same quarter.
Coeur Mining's production guidance for 2018 remains unchanged from the guidance originally published on January 08, 2018. The Company expects total silver production of 12,200 to 13,800 K oz.; gold production of 355,000 to 375,000 oz.; zinc production of 23,000 - 28,000 K Lbs.; and lead production of 23,000 to 28,000 K Lbs. in FY18. The Company expects a Silver Equivalent production of 36,030 to 39,380 K oz. in FY18.
Stock Performance Snapshot
May 16, 2018 - At Wednesday's closing bell, Coeur Mining's stock was marginally up 0.75%, ending the trading session at $8.05.
Volume traded for the day: 2.21 million shares.
Stock performance in the previous six-month period – up 12.12%; and year-to-date – up 7.33%
After yesterday's close, Coeur Mining's market cap was at $1.48 billion.
The stock is part of the Basic Materials sector, categorized under the Silver industry. This sector was up 0.5% at the end of the session.
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