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Agnico Eagle Mines Limited (AEM - Free Report) reported net income of $114.5 million or 47 cents per share in third-quarter 2021, down from $222.7 million or 92 cents per share reported in the year-ago quarter.
Barring one-time items, adjusted earnings per share came in at 60 cents. The bottom line missed the Zacks Consensus Estimate of 61 cents per share.
The company generated revenues of $974.1 million, down 0.7% year over year. The top line surpassed the Zacks Consensus Estimate of $953.4.
Agnico Eagle Mines Limited Price, Consensus and EPS Surprise
Payable gold production was up 6.3% year over year to 523,706 ounces in the reported quarter. The figure excludes gold production at Hope Bay. Including Hope Bay, payable gold production was at a new record of 541,663 ounces in the quarter.
Total cash costs per ounce for gold were $765, almost flat year over year. All-in sustaining costs (AISC) were $1,059 per ounce in the quarter, including Hope Bay.
Financial Position
Agnico Eagle ended the quarter with cash and cash equivalents of $241.5 million, down 23.6% year over year. Long-term debt was around $1,342.1 million, down 14.2% year over year.
Total cash from operating activities amounted to $291 million in the third quarter, down 37.1% year over year.
Outlook
The company expects gold production for 2021 to be 2,047,500 ounces. It also projects total cash costs per ounce of $700-$750 and AISC of $950-$1,000 per ounce for 2021.
The forecast for capital expenditures for 2021 is roughly $803 million.
Price Performance
Shares of Agnico Eagle have declined 27.9% in the past year compared with a 16.3% fall of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Agnico Eagle currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the basic materials space are Nucor Corporation (NUE - Free Report) , The Chemours Company (CC - Free Report) and Olin Corporation (OLN - Free Report) .
Nucor has a projected earnings growth rate of around 580.2% for the current year. The company’s shares have soared 132.3% 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.
Chemours has an expected earnings growth rate of around 86.9% for the current year. The company’s shares have gained 41.1% in the past year. It currently carries a Zacks Rank #2 (Buy).
Olin has an expected earnings growth rate of around 700% for the current year. The company’s shares have surged 238.3% in the past year. It currently flaunts a Zacks Rank #1.
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Agnico Eagle (AEM) Q3 Earnings Lag, Sales Beat Estimates
Agnico Eagle Mines Limited (AEM - Free Report) reported net income of $114.5 million or 47 cents per share in third-quarter 2021, down from $222.7 million or 92 cents per share reported in the year-ago quarter.
Barring one-time items, adjusted earnings per share came in at 60 cents. The bottom line missed the Zacks Consensus Estimate of 61 cents per share.
The company generated revenues of $974.1 million, down 0.7% year over year. The top line surpassed the Zacks Consensus Estimate of $953.4.
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 6.3% year over year to 523,706 ounces in the reported quarter. The figure excludes gold production at Hope Bay. Including Hope Bay, payable gold production was at a new record of 541,663 ounces in the quarter.
Total cash costs per ounce for gold were $765, almost flat year over year. All-in sustaining costs (AISC) were $1,059 per ounce in the quarter, including Hope Bay.
Financial Position
Agnico Eagle ended the quarter with cash and cash equivalents of $241.5 million, down 23.6% year over year. Long-term debt was around $1,342.1 million, down 14.2% year over year.
Total cash from operating activities amounted to $291 million in the third quarter, down 37.1% year over year.
Outlook
The company expects gold production for 2021 to be 2,047,500 ounces. It also projects total cash costs per ounce of $700-$750 and AISC of $950-$1,000 per ounce for 2021.
The forecast for capital expenditures for 2021 is roughly $803 million.
Price Performance
Shares of Agnico Eagle have declined 27.9% in the past year compared with a 16.3% fall of the industry.
Zacks Rank & Key Picks
Agnico Eagle currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the basic materials space are Nucor Corporation (NUE - Free Report) , The Chemours Company (CC - Free Report) and Olin Corporation (OLN - Free Report) .
Nucor has a projected earnings growth rate of around 580.2% for the current year. The company’s shares have soared 132.3% 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.
Chemours has an expected earnings growth rate of around 86.9% for the current year. The company’s shares have gained 41.1% in the past year. It currently carries a Zacks Rank #2 (Buy).
Olin has an expected earnings growth rate of around 700% for the current year. The company’s shares have surged 238.3% in the past year. It currently flaunts a Zacks Rank #1.