Mining firm’s stock jumps 14% on earnings report
Coeur d’Alene Mines Corp. is having a strong day on the stock market, with share prices up 14 percent after the precious metals miner reported higher-than-expected earnings.
Company shares were trading at $31.63 this afternoon, a gain of nearly $4.
For 2010, Coeur d’Alene Mines reported adjusted earnings of $34.3 million, or 39 cents per share.
In contrast, Coeur d’Alene Mines reported an adjusted loss of $23.5 million for 2009.
The 2010 adjusted earnings do not reflect a $117.5 million non-cash accounting charge, which led to a $91.3 million net loss equaling $1.05 per share.
Strong prices for both gold and silver and the opening of new mines in Mexico, Bolivia and Alaska helped boost Coeur d’Alene Mine’s balance sheet, said Dennis Wheeler, chairman and CEO.
The company reported $515.5 million from metals sales last year.