Gold and silver producer Coeur d'Alene Mines Corp. said Monday it swung to a profit in the second quarter on greater output and higher prices.
The Idaho-based company reported net income in the second quarter of $37.2 million, or 43 cents per share, compared to a loss in the year-earlier period of $50.7 million, or 57 cents per share.
Adjusted earnings were $58 million, or 65 cents per share, compared to an adjusted loss of $8.9 million, or 10 cents per share, in the second quarter of 2010.
Sales jumped 129 percent to $231.1 million from $101 million.
Silver production rose 16 percent to 4.8 million ounces, and gold production climbed 14 percent to 60,656 ounces.
"Our second quarter performance reflects record high production and record low costs per ounce at Palmarejo (a mine in Mexico), another consistent quarter at San Bartolomé (a mine in Bolivia), and steady progress at Kensington (a mine in Alaska)," said Mitchell J. Krebs, Coeur's newly appointed Chief Executive Officer. "Overall, we feel comfortable that full-year 2011 silver production will reach 19.5 million to 20.5 million ounces and gold production will be 240,000 to 250,000 ounces."
About an hour before the closing bell, shares tumbled $1.75, or 7.15 percent, to $22.66, near the stock's 52-week low.
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