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CDE NYSE· Coeur Mining Inc.
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CDE NYSE· Coeur Mining Inc.
Earnings report Q4 2023

Coeur Mining Reports 6% Decrease in Revenue for Latest Quarter

Segments of revenue

Coeur Mining reported a decrease in revenue for the latest quarter. The company sold 329,968 gold ounces and 9.8 million silver ounces, compared to 350,347 gold ounces and 10.1 million silver ounces in the previous year. This resulted in a 6% decrease in revenue. The decrease in revenue was primarily driven by a 6% decrease in gold ounces sold and a 4% decrease in silver ounces sold. Additionally, there was a 13% decrease in average realized silver prices. However, this was partially offset by a 5% increase in average realized gold prices, which was due to the favorable impact of realized gains from gold hedges. Gold and silver represented 73% and 27% of the company's sales revenue, respectively.

Strengths

Despite the decrease in revenue, Coeur Mining demonstrated strength in its ability to maintain a significant portion of its revenue from gold sales, which represented 73% of the company's sales revenue. The favorable impact of realized gains from gold hedges contributed to the increase in average realized gold prices. This indicates effective risk management strategies and the ability to capitalize on market opportunities.

Challenges

The company faced challenges in the form of lower grades at its Palmarejo, Kensington, and Wharf mines, resulting in a decrease in gold and silver ounces sold. This impacted the overall revenue for the quarter. Additionally, there was a 13% decrease in average realized silver prices, further contributing to the decline in revenue.

Noteworthy

It is noteworthy that Coeur Mining experienced a decrease in revenue despite the increase in average realized gold prices. This suggests that the decline in gold and silver ounces sold, as well as the decrease in average realized silver prices, had a significant impact on the company's overall performance. Additionally, the company reported a gain in connection with the exchange of 2029 Senior Notes, which should be taken into consideration when evaluating the financial performance.

Summary

Coeur Mining reported a 6% decrease in revenue for the latest quarter. The decline in revenue was primarily driven by a decrease in gold and silver ounces sold, as well as a decrease in average realized silver prices. However, the company demonstrated strength in maintaining a significant portion of its revenue from gold sales and benefiting from realized gains from gold hedges. The challenges faced by the company included lower grades at certain mines and the decline in silver prices. Overall, Coeur Mining's financial performance in the latest quarter reflects the impact of market conditions on its revenue.

Source documents

Form 10-K  filed on Feb 21, 2024
152 pages scanned

Reference data

Company financials Q4 revenue 262M
Analyst estimates Q4 EPS beat by 140.10%
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