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Agnico Eagle (AEM) Beats Earnings and Sales Estimates in Q2

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Agnico Eagle Mines Limited AEM reported net income of $189.6 million or 77 cents per share in second-quarter 2021 compared with $105.3 million or 43 cents per share reported in the year-ago quarter.

Barring one-time items, adjusted earnings per share came in at 68 cents, surpassing the Zacks Consensus Estimate of 58 cents per share.

The company generated revenues of $966.3 million, up 73.4% year over year. The figure topped the Zacks Consensus Estimate of $901.4.

Agnico Eagle Mines Limited Price, Consensus and EPS Surprise

Agnico Eagle Mines Limited Price, Consensus and EPS Surprise
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 up 58.9% year over year to 526,006 ounces in the reported quarter. The figure includes gold production at Hope Bay. Total cash costs per ounce for gold were $748, down 9.3% year over year.

All-in sustaining costs (AISC) were $1,037 per ounce in the quarter, including Hope Bay.

Financial Position

Agnico Eagle ended the quarter with cash and cash equivalents of $277.7 million compared with $126.5 million as of Mar 31, 2021. Long-term debt was around $1,441.5 million as of Jun 30, 2021 compared with $1,565.8 million as of Mar 31, 2021.

Total cash from operating activities amounted to $406.9 million in the second quarter, up 150.2% year over year.

Outlook

The company expects gold production for 2021 to be 2,047,500 ounces. It also expects total cash costs per ounce of $700-$750 and AISC of $950-$1,000 per ounce for 2021.

The quarterly production guidance for Hope Bay is 18,000-20,000 ounces of gold at total cash costs per ounce of $950-$975 and AISC per ounce of $1,525-$1,575.

Price Performance

Shares of Agnico Eagle have declined 17.9% in the past year compared with 22.3% decline of the industry.

Zacks Investment Research
Zacks Investment Research


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Zacks Rank & Key Picks

Agnico Eagle currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the basic materials space are Nucor Corporation NUE, Dow Inc. DOW and Cabot Corporation CBT.

Nucor has a projected earnings growth rate of around 444.9% for the current year. The company’s shares have surged 137.3% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Dow has an expected earnings growth rate of around 403.01% for the current year. The company’s shares have gained 48.2% in the past year. It currently carries a Zacks Rank #2.

Cabot has an expected earnings growth rate of around 137.5% for the current fiscal. The company’s shares have surged 44.9% in the past year. It currently holds a Zacks Rank #2.


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Nucor Corporation (NUE) : Free Stock Analysis Report

Dow Inc. (DOW) : Free Stock Analysis Report

Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report

Cabot Corporation (CBT) : Free Stock Analysis Report

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