COEUR MINING INC (NYSE:CDE) reported second quarter 2026 adjusted earnings of $0.12 per share on revenue of $1.09 billion, both well below the analyst consensus of $0.33 per share and $1.30 billion, and the stock fell about 3.6% in after-market trading. The shortfall was driven by softer realized metals prices during the quarter and a non-cash purchase price allocation charge tied to inventory at the recently acquired Rainy River operation, even as the company posted record revenue and record adjusted EBITDA.
Revenue and EPS miss consensus
The quarterly results were weighed down by a 6% sequential decline in the average realized gold price to $4,140 per ounce and a 14% drop in the average realized silver price to $71.18 per ounce. June prices were the lowest of the year at $3,823 per gold ounce and $62.84 per silver ounce. Management also cited a $140 million non-cash impact, or $0.10 per share, from purchase price allocation accounting for Rainy River's stockpile inventory, which added roughly $834 per ounce to reported gold costs.
Key quarterly figures compared with estimates:
- Reported revenue: $1.086 billion versus $1.299 billion consensus
- Adjusted EPS: $0.12 versus $0.33 consensus
- Adjusted EBITDA: $478 million, up 124% year over year
- Free cash flow: $388 million, up 165% year over year
- Gold production: 163,490 ounces, a quarterly record; silver output of 4.4 million ounces was flat sequentially
What drove the record operating results
Despite the earnings miss, the underlying business showed strong momentum. Revenue of $1.1 billion increased 27% quarter over quarter and 126% year over year, helped by the first full quarter of contributions from the New Afton gold-copper mine and the Rainy River gold-silver mine, both acquired in late March. Wharf more than doubled its quarterly gold output versus the prior period as normal crushing rates resumed following a November crusher fire, while Rochester set a quarterly crushing record of 6.8 million tonnes.
The company also advanced its capital return program, repurchasing $121 million of common stock through July 31 and paying an inaugural $0.02 per share semi-annual dividend in June. Quarter-end cash reached $1.05 billion, roughly ten times the prior-year level.
Updated guidance versus analyst expectations
Coeur refined its 2026 outlook to reflect full ownership of the Canadian operations and updated metals price assumptions. The company now expects to produce approximately 690,000 ounces of gold, 20 million ounces of silver and 45 million pounds of copper, generating record adjusted EBITDA of about $2.3 billion and free cash flow of roughly $1.5 billion. Analysts currently model full-year sales near $5.5 billion and EPS around $1.80.
The guidance revisions at New Afton and Rainy River were more conservative than the prior ranges, reflecting slower assumed ramp-up rates at New Afton's C-Zone and Rainy River's underground operations. Prorated gold production guidance at the two mines was lowered, while cost guidance was raised. Capital expenditure guidance also increased to $520 to $605 million, partly due to the reclassification of capitalized stripping costs at Rainy River. All five legacy operations kept their prior production and cost guidance unchanged.
The updated guidance embeds lower second-half metals prices of $4,000 per gold ounce and $60 per silver ounce, compared with the previous assumptions of $4,550 and $77.50, respectively. Investors may be reacting to the more cautious price deck and the reduced near-term production outlook at the newly acquired assets, even though management characterized the year as back-half weighted with sharp expected increases in production and free cash flow.
For a closer look at past quarterly results, readers can review historical earnings information for Coeur. Those tracking forward expectations can view the latest analyst estimates and projections for upcoming periods.
Disclaimer: This article is for informational and educational purposes only and does not constitute financial advice or a recommendation to buy or sell any security. Always conduct your own research and consider your risk tolerance before making investment decisions.
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Coeur Mining (NYSE:CDE) Falls 3.6% on Q2 Miss Despite Record Revenue
COEUR MINING INC (NYSE:CDE) reported second quarter 2026 adjusted earnings of $0.12 per share on revenue of $1.09 billion, both well below the analyst consensus of $0.33 per share and $1.30 billion, and the stock fell about 3.6% in after-market trading. The shortfall was driven by softer realized metals prices during the quarter and a non-cash purchase price allocation charge tied to inventory at the recently acquired Rainy River operation, even as the company posted record revenue and record adjusted EBITDA.
Revenue and EPS miss consensus
The quarterly results were weighed down by a 6% sequential decline in the average realized gold price to $4,140 per ounce and a 14% drop in the average realized silver price to $71.18 per ounce. June prices were the lowest of the year at $3,823 per gold ounce and $62.84 per silver ounce. Management also cited a $140 million non-cash impact, or $0.10 per share, from purchase price allocation accounting for Rainy River's stockpile inventory, which added roughly $834 per ounce to reported gold costs.
Key quarterly figures compared with estimates:
What drove the record operating results
Despite the earnings miss, the underlying business showed strong momentum. Revenue of $1.1 billion increased 27% quarter over quarter and 126% year over year, helped by the first full quarter of contributions from the New Afton gold-copper mine and the Rainy River gold-silver mine, both acquired in late March. Wharf more than doubled its quarterly gold output versus the prior period as normal crushing rates resumed following a November crusher fire, while Rochester set a quarterly crushing record of 6.8 million tonnes.
The company also advanced its capital return program, repurchasing $121 million of common stock through July 31 and paying an inaugural $0.02 per share semi-annual dividend in June. Quarter-end cash reached $1.05 billion, roughly ten times the prior-year level.
Updated guidance versus analyst expectations
Coeur refined its 2026 outlook to reflect full ownership of the Canadian operations and updated metals price assumptions. The company now expects to produce approximately 690,000 ounces of gold, 20 million ounces of silver and 45 million pounds of copper, generating record adjusted EBITDA of about $2.3 billion and free cash flow of roughly $1.5 billion. Analysts currently model full-year sales near $5.5 billion and EPS around $1.80.
The guidance revisions at New Afton and Rainy River were more conservative than the prior ranges, reflecting slower assumed ramp-up rates at New Afton's C-Zone and Rainy River's underground operations. Prorated gold production guidance at the two mines was lowered, while cost guidance was raised. Capital expenditure guidance also increased to $520 to $605 million, partly due to the reclassification of capitalized stripping costs at Rainy River. All five legacy operations kept their prior production and cost guidance unchanged.
The updated guidance embeds lower second-half metals prices of $4,000 per gold ounce and $60 per silver ounce, compared with the previous assumptions of $4,550 and $77.50, respectively. Investors may be reacting to the more cautious price deck and the reduced near-term production outlook at the newly acquired assets, even though management characterized the year as back-half weighted with sharp expected increases in production and free cash flow.
For a closer look at past quarterly results, readers can review historical earnings information for Coeur. Those tracking forward expectations can view the latest analyst estimates and projections for upcoming periods.
Disclaimer: This article is for informational and educational purposes only and does not constitute financial advice or a recommendation to buy or sell any security. Always conduct your own research and consider your risk tolerance before making investment decisions.
Read full article here »