A month has gone by since the last earnings report for Agnico Eagle Mines (AEM Quick QuoteAEM - Free Report) . Shares have added about 7.9% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Agnico due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

Agnico Eagle's Q2 Earnings and Sales Beat Estimates

Agnico Eagle reported adjusted earnings of $1.07 per share in the second quarter of 2024, up from 65 cents in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of 93 cents.

The company generated revenues of $2,076.6 million, up nearly 21% year over year. The top line surpassed the Zacks Consensus Estimate of $1,719 million.

Operational Highlights

Payable gold production was 895,838 ounces in the reported quarter, up from 873,204 ounces in the prior-year quarter. The figure surpassed our estimate of 843,693 ounces.

Total cash costs per ounce for gold were $870, up from $840 a year ago. It was lower than our estimate of $878.

Realized gold prices were $2,342 per ounce in the quarter, up from $1,975 a year ago. It was above our estimate of $2,021.

All-in-sustaining costs (AISC) were $1,169 per ounce in the quarter compared with $1,150 per ounce a year ago. It was lower than our estimate of $1,193.

Financial Position

The company ended the quarter with cash and cash equivalents of $922 million, up 113% year over year. Long-term debt was around $1,101.7 million, down 46.7% year over year.

Total cash from operating activities amounted to $961.3 million in the second quarter, up from $722 million a year ago.

Outlook

In 2024, the company anticipates producing 3.35-3.55 million ounces of gold. The company projects total cash costs per ounce in the range of $875-$925 and AISC per ounce to be between $1,200 and $1,250. Excluding capitalized exploration, capital expenditures for 2024 are projected to be between $1.6 billion and $1.7 billion.

How Have Estimates Been Moving Since Then?

It turns out, fresh estimates have trended upward during the past month.

The consensus estimate has shifted 12.03% due to these changes.

VGM Scores

Currently, Agnico has a strong Growth Score of A, a grade with the same score on the momentum front. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Agnico has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Agnico belongs to the Zacks Mining - Gold industry. Another stock from the same industry, Newmont Corporation (NEM Quick QuoteNEM - Free Report) , has gained 7.3% over the past month. More than a month has passed since the company reported results for the quarter ended June 2024.

Newmont reported revenues of $4.4 billion in the last reported quarter, representing a year-over-year change of +64.1%. EPS of $0.72 for the same period compares with $0.33 a year ago.

For the current quarter, Newmont is expected to post earnings of $0.71 per share, indicating a change of +97.2% from the year-ago quarter. The Zacks Consensus Estimate has changed +4% over the last 30 days.

Newmont has a Zacks Rank #1 (Strong Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.