Coeur d'Alene Mines Corp. swung to a profit in the fourth quarter on increased silver production and higher selling prices, the Idaho-based miner said Thursday.
For the full year, Coeur d'Alene Mines, which produces silver in mines from Alaska to Argentina, set records for adjusted earnings and net income.
Our successful year was driven by record production levels at our two largest operations, Palmarejo (Mexico) and San Bartolomé (Bolivia), supported by higher silver and gold prices, CEO Mitchell J. Krebs said in a statement. It marked the first full year that all three of our newer mines were in production together.
In the fourth quarter of last year, the company had net income of $11.4 million, or 13 cents per share, compared with a loss in the year-earlier quarter of $5.1 million, or six cents per share.
Excluding one-time events, adjusted earnings were $43.2 million, or 48 cents per share, compared with $53.2 million, or 60 cents per share, in the fourth quarter of 2010.
Net metals sales rose to $246.9 million from $207.6 million. Silver production was 5.3 million ounces, up from 4.8 million ounces. Average realized selling price of silver was $30.87 from $26.83.
For the full year, Coeur d'Alene Mines had a record net income of $93.5 million, or $1.05 per share, compared with a loss of $91.3 million, or $1.05 per share, in 2010.
Excluding one-time events, earnings reached a record $232.5 million, or $2.60 per share, nearly a five-fold increase over the year-earlier period's adjusted earnings of $41.5 million, or 48 cents per share.
Net metal sales nearly doubled to a record $1 billion. Silver production hit a record 19.1 million ounces, up 14 percent over the 2010 level. Average realized selling price of silver was $35.15, 67 percent higher than in 2010.