Business
Coeur Mining Reports Fourth Quarter and Full-Year 2019 Results
CHICAGO--(BUSINESS WIRE)--Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported fourth quarter 2019 financial results, including revenue of $
About this update from Coeur Mining, Inc.
[{"type":"text","content":"CHICAGO--(BUSINESS WIRE)--Coeur Mining, Inc. (“Coeur” or the “Company”) (NYSE: CDE) today reported fourth quarter 2019 financial results, including revenue of $195.0 million and cash flow from operating activities of $39.3 million. Including non-cash write downs of $277.7 million taken in the quarter, the Company reported GAAP net loss from continuing operations of $270.9 million, or $1.13 per share. On an adjusted basis1, the Company reported EBITDA of $59.8 million and net loss from continuing operations of $3.3 million, or $0.01 per share. For the full year, Coeur reported revenue of $711.5 million and cash flow from operating activities of $91.9 million. Including non-cash write downs totaling $320.0 million, the Company reported GAAP net loss from continuing operations of $346.9 million, or $1.59 per share. On an adjusted basis1, the Company reported EBITDA of $173.9 million and net loss from continuing operations of $54.6 million, or $0.25 per share. Key Highlights Solid improvement in annual financial results - Revenue, operating cash flow and adjusted EBITDA1 increased 14%, 357% and 11%, respectively, in 2019. The year-over-year improvement in financial results reflects solid performance from the Company’s primary gold operations as well as higher precious metals prices in 2019 Strong cost performance from primary gold operations - Full-year adjusted costs applicable to sales (“CAS”)1 at Palmarejo, Kensington and Wharf were below or within their guidance ranges for 2019, leading to strong free cash flow1 at each of these primary gold operations. During 2019, gold sales represented 69% of the Company’s total revenue Third consecutive quarter of increasing, positive free cash flow1 - Coeur generated $18.4 million of free cash flow1 during the fourth quarter, representing a 63% increase compared to the prior period and a $36.1 million improvement compared to the fourth quarter of 2018. This third consecutive quarter of increasing, positive free cash flow1 was primarily driven by strong performance from the Company’s Palmarejo, Kensington and Wharf operations Positive results from high-pressure grinding roll (“HPGR”) unit at Rochester - 60-day silver recovery rates from HPGR-crushed ore are in-line with prior test work and are significantly better than recoveries from traditionally-crushed material. Permitting and planning f...