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Agnico Eagle (AEM) to Report Q3 Earnings: What's in the Cards?
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Agnico Eagle Mines Limited (AEM - Free Report) is scheduled to report third-quarter 2022 results after the closing bell on Oct 26.
The company earnings beat the Zacks Consensus Estimate in two of the last four quarters, while missed twice. It has a trailing four-quarter earnings surprise of roughly 20.8%, on average. It posted an earnings surprise of 31.6% in the last reported quarter. The company’s results are expected to reflect the benefits of higher gold production. However, weaker gold prices are likely to have affected its performance.
The stock is down 26% in the past year compared with the industry’s 18.7% decline.
Image Source: Zacks Investment Research
What Do the Estimates Say?
The Zacks Consensus Estimate for third-quarter consolidated revenues for Agnico Eagle is currently pegged at $1,503 million, which calls for a rise of around 54.3% year over year.
The Zacks Consensus Estimate for payable gold production stands at 840,000 ounces for the third quarter, reflecting roughly 60.4% year over year increase.
The consensus estimate for realized gold price per ounce is pinned at $1,750, indicating a 2.1% year over year decline and a 6.2% sequential decrease.
Some Factors to Watch For
Higher gold production is likely have supported the company’s performance in the quarter to be reported. Production is likely to have been driven by the inclusion of the production from the Detour Lake, Fosterville and Macassa mines. The company is also expected to have witnessed continued strong performance in Nunavut and Amaruq operations.
Meanwhile, gold prices lost the momentum since the second quarter. Gold rallied roughly 8% in the first quarter of 2022, thanks to rapidly rising inflation, higher interest rates and uncertainties surrounding the Russia-Ukraine conflict. Amid the economic uncertainties, weakness in equity markets and increased volatility, gold stood out as an effective hedge. However, gold prices erased the gains and closed the second quarter roughly 7% lower. The downdrift continued in the third quarter with prices falling around 8% in the quarter. Higher bond yields, interest rate hikes, geopolitical instability and a sharp rally in the U.S. dollar weighed on gold prices.
Lower realized gold prices are expected to have affected the company’s performance in the September quarter.
Our proven model does not conclusively predict an earnings beat for Agnico Eagle this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. But that’s not the case here.
Earnings ESP: Earnings ESP for Agnico Eagle is 0.00%. The Zacks Consensus Estimate for third-quarter earnings is currently pegged at 43 cents. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Agnico Eagle carries a Zacks Rank #3.
Stocks That Warrant a Look
Here are some companies in the basic materials space you may want to consider, as our model shows these have the right combination of elements to post an earnings beat this quarter:
The consensus estimate for Albemarle’s third-quarter earnings has been revised 1% upward in the past 60 days. The Zacks Consensus Estimate for ALB’s earnings for the quarter is pegged at $6.84.
Koppers Holdings Inc. (KOP - Free Report) , slated to release earnings on Nov 4, has an Earnings ESP of +2.28% and carries a Zacks Rank #2.
The Zacks Consensus Estimate for Koppers’ third-quarter earnings has been revised 2.6% upward in the past 60 days. The consensus estimate for KOP’s earnings for the quarter is currently pegged at $1.17.
ATI Inc. (ATI - Free Report) , scheduled to release earnings on Nov 2, has an Earnings ESP of +7.86%.
The Zacks Consensus Estimate for ATI's earnings for the third quarter is currently pegged at 50 cents. ATI currently carries a Zacks Rank #3.
Image: Bigstock
Agnico Eagle (AEM) to Report Q3 Earnings: What's in the Cards?
Agnico Eagle Mines Limited (AEM - Free Report) is scheduled to report third-quarter 2022 results after the closing bell on Oct 26.
The company earnings beat the Zacks Consensus Estimate in two of the last four quarters, while missed twice. It has a trailing four-quarter earnings surprise of roughly 20.8%, on average. It posted an earnings surprise of 31.6% in the last reported quarter. The company’s results are expected to reflect the benefits of higher gold production. However, weaker gold prices are likely to have affected its performance.
The stock is down 26% in the past year compared with the industry’s 18.7% decline.
Image Source: Zacks Investment Research
What Do the Estimates Say?
The Zacks Consensus Estimate for third-quarter consolidated revenues for Agnico Eagle is currently pegged at $1,503 million, which calls for a rise of around 54.3% year over year.
The Zacks Consensus Estimate for payable gold production stands at 840,000 ounces for the third quarter, reflecting roughly 60.4% year over year increase.
The consensus estimate for realized gold price per ounce is pinned at $1,750, indicating a 2.1% year over year decline and a 6.2% sequential decrease.
Some Factors to Watch For
Higher gold production is likely have supported the company’s performance in the quarter to be reported. Production is likely to have been driven by the inclusion of the production from the Detour Lake, Fosterville and Macassa mines. The company is also expected to have witnessed continued strong performance in Nunavut and Amaruq operations.
Meanwhile, gold prices lost the momentum since the second quarter. Gold rallied roughly 8% in the first quarter of 2022, thanks to rapidly rising inflation, higher interest rates and uncertainties surrounding the Russia-Ukraine conflict. Amid the economic uncertainties, weakness in equity markets and increased volatility, gold stood out as an effective hedge. However, gold prices erased the gains and closed the second quarter roughly 7% lower. The downdrift continued in the third quarter with prices falling around 8% in the quarter. Higher bond yields, interest rate hikes, geopolitical instability and a sharp rally in the U.S. dollar weighed on gold prices.
Lower realized gold prices are expected to have affected the company’s performance in the September quarter.
Agnico Eagle Mines Limited Price and EPS Surprise
Agnico Eagle Mines Limited price-eps-surprise | Agnico Eagle Mines Limited Quote
Zacks Model
Our proven model does not conclusively predict an earnings beat for Agnico Eagle this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. But that’s not the case here.
Earnings ESP: Earnings ESP for Agnico Eagle is 0.00%. The Zacks Consensus Estimate for third-quarter earnings is currently pegged at 43 cents. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Agnico Eagle carries a Zacks Rank #3.
Stocks That Warrant a Look
Here are some companies in the basic materials space you may want to consider, as our model shows these have the right combination of elements to post an earnings beat this quarter:
Albemarle Corporation (ALB - Free Report) , scheduled to release earnings on Nov 2, has an Earnings ESP of +3.64% and sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for Albemarle’s third-quarter earnings has been revised 1% upward in the past 60 days. The Zacks Consensus Estimate for ALB’s earnings for the quarter is pegged at $6.84.
Koppers Holdings Inc. (KOP - Free Report) , slated to release earnings on Nov 4, has an Earnings ESP of +2.28% and carries a Zacks Rank #2.
The Zacks Consensus Estimate for Koppers’ third-quarter earnings has been revised 2.6% upward in the past 60 days. The consensus estimate for KOP’s earnings for the quarter is currently pegged at $1.17.
ATI Inc. (ATI - Free Report) , scheduled to release earnings on Nov 2, has an Earnings ESP of +7.86%.
The Zacks Consensus Estimate for ATI's earnings for the third quarter is currently pegged at 50 cents. ATI currently carries a Zacks Rank #3.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.