Comstock Mining Earnings: LODE Stock Soars 98% on Strong Q2

Comstock Mining (NYSEMKT:LODE) earnings for the gold and silver mining company’s second quarter of 2020 have LODE stock glittering on Monday. That’s due to its diluted earnings per share of 5 cents beating out Wall Street’s estimate for a 5-cent loss. However, its revenue of $48.38 million missed analysts’ estimate of $49.9 million.

Chunks of silver sitting on a table

Source: Phawat / Shutterstock.com

Let’s take a closer look at the most recent Comstock Mining earnings report below.

  • Diluted per-share earnings are a massive increase over its diluted per-share losses of 13 cents in Q2 2019.
  • Revenue for the quarter comes in 9.5% higher than the $44.18 million reported during the same time last year.
  • Operating loss of $1.21 billion is 16.6% better year-over-year from $1.45 billion.
  • The Comstock Mining earnings report also includes a net income of $1.28 billion.
  • That’s much better than the company’s net loss of $2.08 billion reported during the same period of the year prior.

Corrado DeGasperis, executive chairman and CEO of Comstock Mining, said this in the earnings report.

“We have grown and strengthened our balance sheet, extinguished our secured debt, and deployed and installed the first MCU — Comstock system as we prepare for material testing within the boundaries of the Carson River Mercury Superfund Site (‘CRMSS’). We have also reserved shipping containers as we prepare to ship our first international unit to the Philippines.”

Comstock Mining doesn’t include any financial guidance in its current earnings report. What the company does note is it is moving forward with plans to acquire the owner of Lucerne, which will open up more drilling opportunities for it.

LODE stock was up 97.5% as of Monday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/08/comstock-mining-earnings-push-lode-stock-higher/.

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