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Agnico Eagle Mines Limited (AEM - Free Report) reported adjusted earnings of 57 cents per share in fourth-quarter 2023, up from 38 cents in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of 48 cents.
The company generated revenues of $1,756.6 million, up nearly 27% year over year. The top line surpassed the Zacks Consensus Estimate of $1,520.3 million.
Agnico Eagle Mines Limited Price, Consensus and EPS Surprise
Payable gold production was 903,208 ounces in the reported quarter, up from 799,438 ounces in the prior-year quarter. The figure surpassed our estimate of 818,576 ounces.
Total cash costs per ounce for gold were $888, up from $863 a year ago. It was lower than our estimate of $948.
Realized gold prices were $1,982 per ounce in the quarter, up from $1,728 a year ago. It was above our estimate of $1,847.
All-in-sustaining costs (AISC) were $1,227 per ounce in the quarter compared with $1,231 per ounce a year ago. It was lower than our estimate of $1,262.
Financial Position
Agnico Eagle ended the quarter with cash and cash equivalents of $338.6 million, down 4.7% sequentially. Long-term debt was around $1,743.1 million, down 5.4% sequentially.
Total cash from operating activities amounted to $727.9 million in the fourth quarter, up from $380.5 million a year ago.
Outlook
In 2024, the company anticipates producing 3.35-3.55 million ounces of gold. AEM forecasts total cash costs per ounce to range from $875 to $925 and AISC per ounce to be between $1,200 and $1,250. Excluding capitalized exploration, the projected capital expenditures for 2024 are between $1.6 billion and $1.7 billion.
Price Performance
Shares of Agnico Eagle have gained 3.4% in the past year compared with a 2% fall of the industry.
The consensus estimate for CRS’ current fiscal year earnings is pegged at $3.97 per share, indicating a year-over-year surge of 248.3%. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have rallied 31% in the past year.
Eldoradohas a projected earnings growth rate of 1,040% for the current year. The Zacks Consensus Estimate for EGO’s current-year earnings has been revised upward by 10% in the past 60 days. EGO topped the consensus estimate in each of the last four quarters, with the average earnings surprise being 496%. The company’s shares have rallied 25.5% in the past year.
The consensus estimate for HWKN’s current fiscal year earnings is pegged at $3.61 per share, indicating a year-over-year rise of 26%. The Zacks Consensus Estimate for HWKN’s current-year earnings has been revised upward by 4.3% in the past 30 days. HWKN beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 30.6%. The company’s shares have rallied 68.4% in the past year.
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Agnico Eagle's (AEM) Q4 Earnings & Sales Surpass Estimates
Agnico Eagle Mines Limited (AEM - Free Report) reported adjusted earnings of 57 cents per share in fourth-quarter 2023, up from 38 cents in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of 48 cents.
The company generated revenues of $1,756.6 million, up nearly 27% year over year. The top line surpassed the Zacks Consensus Estimate of $1,520.3 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
Payable gold production was 903,208 ounces in the reported quarter, up from 799,438 ounces in the prior-year quarter. The figure surpassed our estimate of 818,576 ounces.
Total cash costs per ounce for gold were $888, up from $863 a year ago. It was lower than our estimate of $948.
Realized gold prices were $1,982 per ounce in the quarter, up from $1,728 a year ago. It was above our estimate of $1,847.
All-in-sustaining costs (AISC) were $1,227 per ounce in the quarter compared with $1,231 per ounce a year ago. It was lower than our estimate of $1,262.
Financial Position
Agnico Eagle ended the quarter with cash and cash equivalents of $338.6 million, down 4.7% sequentially. Long-term debt was around $1,743.1 million, down 5.4% sequentially.
Total cash from operating activities amounted to $727.9 million in the fourth quarter, up from $380.5 million a year ago.
Outlook
In 2024, the company anticipates producing 3.35-3.55 million ounces of gold. AEM forecasts total cash costs per ounce to range from $875 to $925 and AISC per ounce to be between $1,200 and $1,250. Excluding capitalized exploration, the projected capital expenditures for 2024 are between $1.6 billion and $1.7 billion.
Price Performance
Shares of Agnico Eagle have gained 3.4% in the past year compared with a 2% fall of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
AEM currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (CRS - Free Report) , sporting a Zacks Rank #1 (Strong Buy), Eldorado Gold Corporation (EGO - Free Report) and Hawkins, Inc. (HWKN - Free Report) , both carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for CRS’ current fiscal year earnings is pegged at $3.97 per share, indicating a year-over-year surge of 248.3%. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have rallied 31% in the past year.
Eldoradohas a projected earnings growth rate of 1,040% for the current year. The Zacks Consensus Estimate for EGO’s current-year earnings has been revised upward by 10% in the past 60 days. EGO topped the consensus estimate in each of the last four quarters, with the average earnings surprise being 496%. The company’s shares have rallied 25.5% in the past year.
The consensus estimate for HWKN’s current fiscal year earnings is pegged at $3.61 per share, indicating a year-over-year rise of 26%. The Zacks Consensus Estimate for HWKN’s current-year earnings has been revised upward by 4.3% in the past 30 days. HWKN beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 30.6%. The company’s shares have rallied 68.4% in the past year.