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Agnico Eagle (AEM) Beats Earnings and Sales Estimates in Q3
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Agnico Eagle Mines Limited (AEM - Free Report) logged profit of $76.7 million or 32 cents per share in third-quarter 2019, up from $17.1 million or 7 cents in the year-ago quarter.
Barring one-time items, adjusted earnings per share came in at 37 cents, which beat the Zacks Consensus Estimate of 27 cents.
The company generated revenues of around $683 million, up nearly 32% year over year. The figure surpassed the Zacks Consensus Estimate of $678 million.
Agnico Eagle Mines Limited Price, Consensus and EPS Surprise
Gold production rose 13.1% year over year to 476,937 ounces. The figure includes pre-commercial production of 33,134 ounces at Amaruq. Total cash costs per ounce were $653, up from $637 in the prior-year quarter.
All-in sustaining costs (AISC) were $903 per ounce, up 6.5% from year over year.
Financial Position
At the end of third quarter, cash and cash equivalents were around $258.4 million, down 50.3% year over year. Long-term debt was $1,363.4 million at the end of the reported quarter.
Total cash from operating activities amounted to $349.2 million in the third quarter, up nearly three-folds year over year.
Outlook
Agnico Eagle revised its production guidance for 2019.
Gold production for the year is now projected in the band of 1.77-1.78 million ounces, up from 1.75 million ounces expected earlier. The projection includes pre-commercial production from Meliadine and Amaruq.
The company continues to expect total cash costs per ounce between $620 and $670. AISC is expected in the range of $875-$925 per ounce.
Price Performance
Agnico Eagle’s shares have surged 52.9% in the past year compared with the industry’s 55.3% rally.
Zacks Rank & Other Key Picks
Agnico Eagle currently sports a Zacks Rank #1 (Strong Buy).
Kinross has an expected earnings growth rate of 190% for 2019. The company’s shares have surged 67% in the past year.
Franco-Nevada has a projected earnings growth rate of 49.3% for 2019. The company’s shares have rallied 42.8% in a year’s time.
Kirkland Lake Gold has an estimated earnings growth rate of 71.3% for the current year. Its shares have moved up 113.4% in the past year.
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Agnico Eagle (AEM) Beats Earnings and Sales Estimates in Q3
Agnico Eagle Mines Limited (AEM - Free Report) logged profit of $76.7 million or 32 cents per share in third-quarter 2019, up from $17.1 million or 7 cents in the year-ago quarter.
Barring one-time items, adjusted earnings per share came in at 37 cents, which beat the Zacks Consensus Estimate of 27 cents.
The company generated revenues of around $683 million, up nearly 32% year over year. The figure surpassed the Zacks Consensus Estimate of $678 million.
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
Gold production rose 13.1% year over year to 476,937 ounces. The figure includes pre-commercial production of 33,134 ounces at Amaruq. Total cash costs per ounce were $653, up from $637 in the prior-year quarter.
All-in sustaining costs (AISC) were $903 per ounce, up 6.5% from year over year.
Financial Position
At the end of third quarter, cash and cash equivalents were around $258.4 million, down 50.3% year over year. Long-term debt was $1,363.4 million at the end of the reported quarter.
Total cash from operating activities amounted to $349.2 million in the third quarter, up nearly three-folds year over year.
Outlook
Agnico Eagle revised its production guidance for 2019.
Gold production for the year is now projected in the band of 1.77-1.78 million ounces, up from 1.75 million ounces expected earlier. The projection includes pre-commercial production from Meliadine and Amaruq.
The company continues to expect total cash costs per ounce between $620 and $670. AISC is expected in the range of $875-$925 per ounce.
Price Performance
Agnico Eagle’s shares have surged 52.9% in the past year compared with the industry’s 55.3% rally.
Zacks Rank & Other Key Picks
Agnico Eagle currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the basic materials space are Kinross Gold Corporation (KGC - Free Report) , Franco-Nevada Corporation (FNV - Free Report) and Kirkland Lake Gold Ltd. , each sporting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here
Kinross has an expected earnings growth rate of 190% for 2019. The company’s shares have surged 67% in the past year.
Franco-Nevada has a projected earnings growth rate of 49.3% for 2019. The company’s shares have rallied 42.8% in a year’s time.
Kirkland Lake Gold has an estimated earnings growth rate of 71.3% for the current year. Its shares have moved up 113.4% in the past year.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
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