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Agnico Eagle Mines Limited (AEM - Free Report) reported a net income of $275.8 million or 60 cents per share in second-quarter 2022, up from $196.4 million or 80 cents per share reported in the year-ago quarter.
Barring one-time items, adjusted earnings per share came in at 75 cents. The bottom line surpassed the Zacks Consensus Estimate of 57 cents per share.
The company generated revenues of $1,581.1 million, up 60.6% year over year. The top line surpassed the Zacks Consensus Estimate of $1,568 million.
The company saw higher payable gold production and lower production costs in the quarter.
Agnico Eagle Mines Limited Price, Consensus and EPS Surprise
Payable gold production was 858,170 ounces in the reported quarter, up from 526,006 ounces in the prior-year quarter.
Total cash costs per ounce for gold were $726, down from $748 a year ago. All-in sustaining costs (AISC) were $1,026 per ounce in the quarter compared with $1,037 per ounce in the prior-year quarter.
Financial Position
Agnico Eagle ended the year with cash and cash equivalents of $1,006.9 million, up 262.6% year over year. Long-term debt was around $1,241.2 million, down 13.9% year over year.
Total cash from operating activities amounted to $633.3 million in the second quarter, up 51% year over year.
Outlook
The company expects payable gold production for 2022 to be in the range of 3.2-3.4 million ounces. It also projects total cash costs per ounce of $725-$775 and AISC of $1,000-$1,050 per ounce for 2022.
The forecast for capital expenditures for 2022 is roughly $1.4 billion.
Price Performance
Shares of Agnico Eagle have declined 39% in the past year compared with a 23.9% fall of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Agnico Eagle currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Albemarle Corporation (ALB - Free Report) , Cabot Corporation (CBT - Free Report) and Sociedad Quimica y Minera de Chile S.A. (SQM - Free Report) .
Albemarle has a projected earnings growth rate of 241.8% for the current year. The Zacks Consensus Estimate for ALB's current-year earnings has been revised 21.5% upward in the past 60 days.
Albemarle’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 22.5%, on average. ALB has gained around 15.5% in a year and currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cabot, currently sporting a Zacks Rank #1 (Strong Buy), has an expected earnings growth rate of 22.5% for the current year. The Zacks Consensus Estimate for CBT's earnings for the current year has been revised 6% upward in the past 60 days.
Cabot’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 16.2%. CBT has gained around 29.8% over a year.
Sociedad has a projected earnings growth rate of 431.7% for the current year. The Zacks Consensus Estimate for SQM’s current-year earnings has been revised 36.8% upward in the past 60 days.
Sociedad’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, the average being 28.2%. SQM has gained 98% in a year. The company sports a Zacks Rank #1.
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Agnico Eagle (AEM) Q2 Earnings & Sales Surpass Estimates
Agnico Eagle Mines Limited (AEM - Free Report) reported a net income of $275.8 million or 60 cents per share in second-quarter 2022, up from $196.4 million or 80 cents per share reported in the year-ago quarter.
Barring one-time items, adjusted earnings per share came in at 75 cents. The bottom line surpassed the Zacks Consensus Estimate of 57 cents per share.
The company generated revenues of $1,581.1 million, up 60.6% year over year. The top line surpassed the Zacks Consensus Estimate of $1,568 million.
The company saw higher payable gold production and lower production costs in the quarter.
Agnico Eagle Mines Limited Price, Consensus and EPS Surprise
Agnico Eagle Mines Limited price-consensus-eps-surprise-chart | Agnico Eagle Mines Limited Quote
Operational Highlights
Payable gold production was 858,170 ounces in the reported quarter, up from 526,006 ounces in the prior-year quarter.
Total cash costs per ounce for gold were $726, down from $748 a year ago. All-in sustaining costs (AISC) were $1,026 per ounce in the quarter compared with $1,037 per ounce in the prior-year quarter.
Financial Position
Agnico Eagle ended the year with cash and cash equivalents of $1,006.9 million, up 262.6% year over year. Long-term debt was around $1,241.2 million, down 13.9% year over year.
Total cash from operating activities amounted to $633.3 million in the second quarter, up 51% year over year.
Outlook
The company expects payable gold production for 2022 to be in the range of 3.2-3.4 million ounces. It also projects total cash costs per ounce of $725-$775 and AISC of $1,000-$1,050 per ounce for 2022.
The forecast for capital expenditures for 2022 is roughly $1.4 billion.
Price Performance
Shares of Agnico Eagle have declined 39% in the past year compared with a 23.9% fall of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Agnico Eagle currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Albemarle Corporation (ALB - Free Report) , Cabot Corporation (CBT - Free Report) and Sociedad Quimica y Minera de Chile S.A. (SQM - Free Report) .
Albemarle has a projected earnings growth rate of 241.8% for the current year. The Zacks Consensus Estimate for ALB's current-year earnings has been revised 21.5% upward in the past 60 days.
Albemarle’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 22.5%, on average. ALB has gained around 15.5% in a year and currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cabot, currently sporting a Zacks Rank #1 (Strong Buy), has an expected earnings growth rate of 22.5% for the current year. The Zacks Consensus Estimate for CBT's earnings for the current year has been revised 6% upward in the past 60 days.
Cabot’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 16.2%. CBT has gained around 29.8% over a year.
Sociedad has a projected earnings growth rate of 431.7% for the current year. The Zacks Consensus Estimate for SQM’s current-year earnings has been revised 36.8% upward in the past 60 days.
Sociedad’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, the average being 28.2%. SQM has gained 98% in a year. The company sports a Zacks Rank #1.