COEUR D'ALENE, Idaho (AP) â¿¿ Coeur d'Alene Mines Corp. said Thursday that fourth-quarter net income more than tripled, as it reduced debt and precious metals prices rose.
The silver and gold producer earned $37.6 million, or 42 cents per share, for the period ended Dec. 31. That's up sharply from $11.4 million, or 13 cents per share, a year ago.
Excluding one-time items, earnings were 29 cents per share.
Analysts forecast earnings of 21 cents per share, according to FactSet.The company's total debt dropped to $48.1 million from $121.5 million. Metal sales fell 17 percent to $205.9 million, but the average realized price per ounce of silver climbed 5 percent and gold rose 2 percent. For the year, Coeur d'Alene earned $48.7 million, or 54 cents per share. In 2011 it made $93.5 million, or $1.04 per share. Metal sales dropped 12 percent to $895.5 million. Annual gold production rose 3 percent to 226,486 ounces as the average realized price for an ounce of gold increased 7 percent. Silver production dropped 6 percent, with the average realized price per ounce down 12 percent. Coeur d'Alene shares rose 48 cents, or 2.5 percent, to $19.29 in afternoon trading. Over the last 52 weeks, the stock has traded between $15.15 and $31.97.