Coeur Mining, Inc (CDE) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $69.56 million, or $ 0.42 a share in the quarter, against a net loss of $14.22 million, or $0.11 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $38.56 million, or $0.23 a share compared with a net loss of $19.47 million, or $0.14 a share in the last year period. Revenue during the quarter grew 8.42 percent to $176.25 million from $162.55 million in the previous year period. Gross margin for the quarter expanded 1416 basis points over the previous year period to 40.19 percent. Operating margin for the quarter stood at negative 44.05 percent as compared to a negative 78.23 percent for the previous year period.
Operating loss for the quarter was $77.64 million, compared with an operating loss of $127.16 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $62.72 million compared with $33.66 million in the prior year period. At the same time, adjusted EBITDA margin improved 1488 basis points in the quarter to 35.59 percent from 20.71 percent in the last year period.
"We achieved a number of significant milestones during the third quarter despite lower production relative to the second quarter. Our quarterly earnings more than doubled, free cash flow increased 20% quarter-over-quarter and LTM adjusted EBITDA has now risen above $200 million - up from $96 million just 15 months ago. Importantly, we are well-positioned for a strong fourth quarter at each of our five operations," said Mitchell J. Krebs, Coeur's President and Chief Executive Officer.
Operating cash flow improves significantly
Coeur Mining, Inc has generated cash of $100.37 million from operating activities during the nine month period, up 42.72 percent or $30.04 million, when compared with the last year period. The company has spent $53.67 million cash to meet investing activities during the nine month period as against cash outgo of $179.13 million in the last year period. It has incurred net capital expenditure of $54.98 million on net basis during the nine month period, down 14.97 percent or $9.68 million from year ago period.
The company has spent $24.80 million cash to carry out financing activities during the nine month period as against cash inflow of $44.85 million in the last year period.
Cash and cash equivalents stood at $222.52 million as on Sep. 30, 2016, up 8.17 percent or $16.81 million from $205.71 million on Sep. 30, 2015.
Working capital increases marginally
Coeur Mining, Inc has recorded an increase in the working capital over the last year. It stood at $354.30 million as at Sep. 30, 2016, up 2.07 percent or $7.19 million from $347.12 million on Sep. 30, 2015. Current ratio was at 4.13 as on Sep. 30, 2016, up from 3.40 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 46 days for the quarter from 102 days for the last year period. Days sales outstanding went down to 47 days for the quarter compared with 58 days for the same period last year.
Days inventory outstanding has decreased to 39 days for the quarter compared with 79 days for the previous year period. At the same time, days payable outstanding went up to 40 days for the quarter from 35 for the same period last year.
Debt comes down significantly
Coeur Mining, Inc has recorded a decline in total debt over the last one year. It stood at $401.74 million as on Sep. 30, 2016, down 26.42 percent or $144.24 million from $545.99 million on Sep. 30, 2015. Total debt was 29.30 percent of total assets as on Sep. 30, 2016, compared with 31.05 percent on Sep. 30, 2015. Debt to equity ratio was at 0.64 as on Sep. 30, 2016, down from 0.76 as on Sep. 30, 2015. 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: editor@irisindia.net
