Coeur d'Alene Mines Swings to Profit in 3Q

Coeur d'Alene Mines Ltd. swung to a profit in the third quarter as silver prices doubled and gold production increased, said the company, the largest U.S.-based silver producer.

Net income was $31.06 million, or 35 cents per share, up from a loss in the year-earlier period of $22.63 million, or 25 cents.

Excluding one-time items, the company's net income was $93.75 million, or $1.05, compared to a loss in last year's third quarter of $4.47 million, five cents per share.

Silver production totaled 4.9 million ounces, which was 3 percent higher than the prior quarter and 13 percent higher than last year's third quarter.

Gold production totaled 57,052 ounces, down slightly from the prior quarter but 20 percent over last year's third quarter.

The average realized prices were $38.28 per ounce for silver, up from $18.87 in last year's third quarter, and $1,681.42 per ounce for gold, up from $1,229 in last year's third quarter.

The company backed its 2011 silver production forecast of 19.5 million to 20.5 million ounces but trimmed its gold production forecast from 240,000 to 250,000 ounces to about 220,000 ounces.

Shares rose $2.09, or 7.67 percent, to $29.37 in early afternoon trading.