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Agnico Eagle (AEM) Q2 Earnings Top Estimates, Revenues Up Y/Y
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Agnico Eagle Mines Limited (AEM - Free Report) posted a net income of $105.3 million or 44 cents per share in second-quarter 2020, up from a net income of $27.8 million or 12 cents per share in the year-ago quarter.
Barring one-time items, adjusted earnings per share were 18 cents, which beat the Zacks Consensus Estimate of 17 cents.
The company generated revenues of $557.2 million, up 5.8% year over year.
Agnico Eagle Mines Limited Price, Consensus and EPS Surprise
Payable gold production fell 19.7% year over year to 331,064 ounces in the reported quarter. The figure includes pre-commercial production from the Barnat deposit at Canadian Malartic. Total cash costs per ounce for gold were $825, up 26.5% year over year.
All-in sustaining costs (AISC) were $1,142 per ounce, up 19.8% year over year.
Financial Position
Agnico Eagle ended the second quarter with cash and cash equivalents of $329.6 million, up 177.7% year over year. Long-term debt was around $1,814 million, down 22.9% year over year.
Total cash from operating activities amounted to $162.6 million in the quarter, up 28.7% year over year.
Outlook
Agnico Eagle revised its production guidance for 2020.
Gold production for the year is now projected to be 1.68-1.73 million ounces compared with the previously mentioned 1.63-1.73 million ounces. Capital expenditure is anticipated to be $690 million in 2020.
The company expects total cash costs per ounce of $740-$790 and AISC of $1,025-$1,075 per ounce.
Price Performance
Agnico Eagle’s shares have gained 41.4% in the past year compared with the industry’s 57.5% rise.
Zacks Rank & Stocks to Consider
The company currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Royal Gold, Inc. (RGLD - Free Report) , Equinox Gold Corp. (EQX - Free Report) andB2Gold Corp (BTG - Free Report) .
Royal Goldhas a projected earnings growth rate of 62.1% for the current year. The company’s shares have gained 17.5 in a year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Equinox Gold has a projected earnings growth rate of 255.2% for the current year. The stock has gained around 102% in a year. It currently has a Zacks Rank of 2 (Buy).
B2Gold has an expected earnings growth rate of 257.1% for 2020. The company’s shares have rallied 100% in the past year.It is presently a Zacks #2 Ranked player.
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Agnico Eagle (AEM) Q2 Earnings Top Estimates, Revenues Up Y/Y
Agnico Eagle Mines Limited (AEM - Free Report) posted a net income of $105.3 million or 44 cents per share in second-quarter 2020, up from a net income of $27.8 million or 12 cents per share in the year-ago quarter.
Barring one-time items, adjusted earnings per share were 18 cents, which beat the Zacks Consensus Estimate of 17 cents.
The company generated revenues of $557.2 million, up 5.8% year over year.
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 fell 19.7% year over year to 331,064 ounces in the reported quarter. The figure includes pre-commercial production from the Barnat deposit at Canadian Malartic. Total cash costs per ounce for gold were $825, up 26.5% year over year.
All-in sustaining costs (AISC) were $1,142 per ounce, up 19.8% year over year.
Financial Position
Agnico Eagle ended the second quarter with cash and cash equivalents of $329.6 million, up 177.7% year over year. Long-term debt was around $1,814 million, down 22.9% year over year.
Total cash from operating activities amounted to $162.6 million in the quarter, up 28.7% year over year.
Outlook
Agnico Eagle revised its production guidance for 2020.
Gold production for the year is now projected to be 1.68-1.73 million ounces compared with the previously mentioned 1.63-1.73 million ounces. Capital expenditure is anticipated to be $690 million in 2020.
The company expects total cash costs per ounce of $740-$790 and AISC of $1,025-$1,075 per ounce.
Price Performance
Agnico Eagle’s shares have gained 41.4% in the past year compared with the industry’s 57.5% rise.
Zacks Rank & Stocks to Consider
The company currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Royal Gold, Inc. (RGLD - Free Report) , Equinox Gold Corp. (EQX - Free Report) andB2Gold Corp (BTG - Free Report) .
Royal Goldhas a projected earnings growth rate of 62.1% for the current year. The company’s shares have gained 17.5 in a year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Equinox Gold has a projected earnings growth rate of 255.2% for the current year. The stock has gained around 102% in a year. It currently has a Zacks Rank of 2 (Buy).
B2Gold has an expected earnings growth rate of 257.1% for 2020. The company’s shares have rallied 100% in the past year.It is presently a Zacks #2 Ranked player.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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