Coeur Mining, Inc. (CDE) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $18.66 million, or $ 0.10 a share in the quarter, against a net loss of $20.40 million, or $0.14 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $7 million, or $0.04 a share compared with a net loss of $10.50 million, or $0.06 a share in the last year period.
Revenue during the quarter surged 38.92 percent to $206.14 million from $148.39 million in the previous year period. Gross margin for the quarter expanded 406 basis points over the previous year period to 35.62 percent. Operating margin for the quarter stood at negative 57.90 percent as compared to a negative 68.30 percent for the previous year period.
Operating loss for the quarter was $119.36 million, compared with an operating loss of $101.34 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $56.60 million compared with $37.40 million in the prior year period. At the same time, adjusted EBITDA margin improved 225 basis points in the quarter to 27.46 percent from 25.20 percent in the last year period.
"Coeur delivered a solid first quarter with strong earnings and cash flows, affirming the steps we have taken to reposition our portfolio and balance sheet," said Mitchell J. Krebs, Coeur's president and chief executive officer. "Rising production levels at our Palmarejo mine and higher metal sales more than offset the impact of record rainfall at our Rochester mine in Nevada and persistent drought conditions at our San Bartolomé mine in Bolivia. Companywide costs also continued to trend lower with first quarter metrics coming in well below full-year guidance. Combined with considerable interest savings from recent balance sheet improvements, we reported significantly higher earnings and cash flows compared to the same period last year.
Operating cash flow improves significantlyCoeur Mining, Inc. has generated cash of $55.27 million from operating activities during the quarter, up 735.29 percent or $48.65 million, when compared with the last year period. The company has spent $1.50 million cash to meet investing activities during the quarter as against cash outgo of $18.65 million in the last year period. It has incurred net capital expenditure of $8.96 million on net basis during the quarter, down 50.67 percent or $9.20 million from year ago period.
The company has spent $6.47 million cash to carry out financing activities during the quarter as against cash outgo of $15.38 million in the last year period.
Cash and cash equivalents stood at $210.03 million as on Mar. 31, 2017, up 21.13 percent or $36.64 million from $173.39 million on Mar. 31, 2016.
Working capital increases
Coeur Mining, Inc. has recorded an increase in the working capital over the last year. It stood at $332.51 million as at Mar. 31, 2017, up 14.54 percent or $42.20 million from $290.31 million on Mar. 31, 2016. Current ratio was at 4.10 as on Mar. 31, 2017, up from 3.23 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 26 days for the quarter from 81 days for the last year period. Days sales outstanding went down to 33 days for the quarter compared with 52 days for the same period last year.
Days inventory outstanding has decreased to 25 days for the quarter compared with 72 days for the previous year period. At the same time, days payable outstanding went down to 33 days for the quarter from 43 for the same period last year.
Debt comes down significantlyCoeur Mining, Inc. has recorded a decline in total debt over the last one year. It stood at $219.08 million as on Mar. 31, 2017, down 57.14 percent or $292.02 million from $511.10 million on Mar. 31, 2016. Total debt was 16.38 percent of total assets as on Mar. 31, 2017, compared with 38.57 percent on Mar. 31, 2016. Debt to equity ratio was at 0.28 as on Mar. 31, 2017, down from 1.26 as on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
