Why Coeur Mining Stock Tanked 12.5% at the Open Today
Shares of Coeur Mining (NYSE: CDE), a predominantly North American gold and silver miner, fell sharply in early trading on Feb. 17, losing just over 12.5% of their value. The big news came out after the close on Feb. 16 when the company reported earnings. It wasn't a particularly bad update, but clearly investors were expecting more.
Coeur's fourth-quarter 2021 production was 88,946 ounces of gold and 2.6 million ounces of silver. It sold basically all of the silver and 88,930 ounces of gold. Revenue of $208 million was down from the $228 million it brought in during the same quarter of 2020. The company's realized gold and silver prices were lower year over year. That said, the company explained that full-year 2021 revenue was 6% higher year over year and at the highest level in the last 10 years. While that's positive, it also suggests that the year ended on a relatively weak note revenue-wise given the fourth-quarter showing.
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Source Fool.com