Coeur d'Alene Mines announced its third-quarter earnings on Tuesday, and was promptly punished by Wall Street.

Shares dropped $6.27, or 20 percent, on the day.

CEO Mitchell Krebs called results "disappointing," but noted that two of the company's mines had increased production over the second quarter.

Coeur d'Alene Mines, the largest U.S.-based primary silver producer, had a 10-percent decline in its silver production compared to the second quarter. Gold production was down 7 percent.

"The company's third quarter was negatively impacted by lower production and higher unit costs at the Palmarejo Mine in Mexico, which were due to unfavorable underground conditions encountered during September and a transition in open pit production," Krebs said in a press release. "Open pit production has been accelerated to partially offset the impact, which has led to higher unit costs and lower overall grades."

Third quarter production at Palmarejo was 1.8 million ounces of silver and 23,702 ounces of gold, down 23 and 24 percent, respectively, from the second quarter.

Krebs said the company is "back on budget" for November and December at the Palmarejo Mine.

A silver-and-gold mine in Rochester, Nev., and a gold mine in Kensington, Alaska, accelerated production in the third quarter, while silver production at the San Bartolome, Bolivia, mine was on par with the second quarter.

According to a company press release the company realized a net income of $31 million in the third quarter.