We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Agnico Eagle Mines Limited (AEM - Free Report) reported second-quarter 2023 adjusted earnings of 65 cents per share, down from 75 cents in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of 55 cents.
The company generated revenues of $1,718.2 million, up 8.7% year over year. The top line surpassed the Zacks Consensus Estimate of $1,424.2 million.
Compared to the prior-year period, production costs per ton increased in the reported quarter, primarily owing to higher mill maintenance costs due to the autoclave shutdown and higher materials prices in underground mining. This was partly offset by the accumulation of stockpile inventory.
Agnico Eagle Mines Limited Price, Consensus and EPS Surprise
Payable gold production was 873,204 ounces in the reported quarter, up from 858,170 ounces in the prior-year quarter. The figure surpassed our estimate of 855,669 ounces.
Total cash costs per ounce for gold were $840, up from $726 a year ago. It was higher than our estimate of $808.
Realized gold prices were $1,975 per ounce in the quarter, up from $1,866 a year ago. It was above our estimate of $1,860.
All-in sustaining costs (AISC) were $1,150 per ounce in the quarter compared with $1,026 per ounce a year ago.
Financial Position
Agnico Eagle ended the year with cash and cash equivalents of $432.6 million, down 41.9% sequentially. Long-term debt was around $1,942 million, down 13.4% sequentially.
Total cash from operating activities amounted to $722 million in the second quarter, up 14% year over year.
Outlook
The company expects payable gold production for 2023 to be in the range of 3.24-3.44 million ounces. It also projects total cash costs per ounce of $840-$890 and AISC of $1,140-$1,190 per ounce for 2023.
The forecast for capital expenditures for 2023 is roughly $1.42 billion.
Price Performance
Shares of Agnico Eagle have surged 32.2% in the past year against a 29.7% rise of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
Agnico Eagle currently carries a Zacks Rank #2 (Buy).
Other top-ranked stocks worth considering in the basic materials space include PPG Industries Inc. (PPG - Free Report) , ATI Inc. (ATI - Free Report) and Carpenter Technology Corporation (CRS - Free Report) .
PPG, currently carrying a Zacks Rank #1 (Strong Buy), has an expected earnings growth rate of 20.8% for the current fiscal year. The Zacks Consensus Estimate for PPG's earnings for the current fiscal year has been revised 1.6% upward in the past 60 days. It delivered an earnings surprise of 7.3% each of the trailing four quarters, on average. PPG has gained around 16.5% over a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
ATI, currently carrying a Zacks Rank #2 (Buy), has a projected earnings growth rate of 13.1% for the current year. Its earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 13%, on average. ATI shares are up around 97.3% in a year.
CRS, currently carrying a Zacks Rank #1, has a projected earnings growth rate of 198.11% for the current year. Its earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 30.9%, on average. CRS shares are up around 97% in a year.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Agnico Eagle (AEM) Q2 Earnings & Sales Surpass Estimates
Agnico Eagle Mines Limited (AEM - Free Report) reported second-quarter 2023 adjusted earnings of 65 cents per share, down from 75 cents in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of 55 cents.
The company generated revenues of $1,718.2 million, up 8.7% year over year. The top line surpassed the Zacks Consensus Estimate of $1,424.2 million.
Compared to the prior-year period, production costs per ton increased in the reported quarter, primarily owing to higher mill maintenance costs due to the autoclave shutdown and higher materials prices in underground mining. This was partly offset by the accumulation of stockpile inventory.
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 873,204 ounces in the reported quarter, up from 858,170 ounces in the prior-year quarter. The figure surpassed our estimate of 855,669 ounces.
Total cash costs per ounce for gold were $840, up from $726 a year ago. It was higher than our estimate of $808.
Realized gold prices were $1,975 per ounce in the quarter, up from $1,866 a year ago. It was above our estimate of $1,860.
All-in sustaining costs (AISC) were $1,150 per ounce in the quarter compared with $1,026 per ounce a year ago.
Financial Position
Agnico Eagle ended the year with cash and cash equivalents of $432.6 million, down 41.9% sequentially. Long-term debt was around $1,942 million, down 13.4% sequentially.
Total cash from operating activities amounted to $722 million in the second quarter, up 14% year over year.
Outlook
The company expects payable gold production for 2023 to be in the range of 3.24-3.44 million ounces. It also projects total cash costs per ounce of $840-$890 and AISC of $1,140-$1,190 per ounce for 2023.
The forecast for capital expenditures for 2023 is roughly $1.42 billion.
Price Performance
Shares of Agnico Eagle have surged 32.2% in the past year against a 29.7% rise of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
Agnico Eagle currently carries a Zacks Rank #2 (Buy).
Other top-ranked stocks worth considering in the basic materials space include PPG Industries Inc. (PPG - Free Report) , ATI Inc. (ATI - Free Report) and Carpenter Technology Corporation (CRS - Free Report) .
PPG, currently carrying a Zacks Rank #1 (Strong Buy), has an expected earnings growth rate of 20.8% for the current fiscal year. The Zacks Consensus Estimate for PPG's earnings for the current fiscal year has been revised 1.6% upward in the past 60 days. It delivered an earnings surprise of 7.3% each of the trailing four quarters, on average. PPG has gained around 16.5% over a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
ATI, currently carrying a Zacks Rank #2 (Buy), has a projected earnings growth rate of 13.1% for the current year. Its earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 13%, on average. ATI shares are up around 97.3% in a year.
CRS, currently carrying a Zacks Rank #1, has a projected earnings growth rate of 198.11% for the current year. Its earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 30.9%, on average. CRS shares are up around 97% in a year.