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Agnico Eagle's (AEM) Q1 Earnings and Sales Beat Estimates
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Agnico Eagle Mines Limited (AEM - Free Report) reported adjusted earnings of 76 cents per share in first-quarter 2024, up from 57 cents in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of 60 cents.
The company generated revenues of $1,829.8 million, up nearly 21% year over year. The top line surpassed the Zacks Consensus Estimate of $1,622 million.
Agnico Eagle Mines Limited Price, Consensus and EPS Surprise
Payable gold production was 878,652ounces in the reported quarter, up from 812,813 ounces in the prior-year quarter. The figure surpassed our estimate of 845,654 ounces.
Total cash costs per ounce for gold were $901, up from $832 a year ago. It was higher than our estimate of $866.
Realized gold prices were $2,062 per ounce in the quarter, up from $1,892 a year ago. It was above our estimate of $1,915.
All-in-sustaining costs (AISC) were $1,190 per ounce in the quarter compared with $1,125 per ounce a year ago. It was higher than our estimate of $1,152.
Financial Position
Agnico Eagle ended the quarter with cash and cash equivalents of $524.6 million, up 55% sequentially. Long-term debt was around $1,741 million, flat sequentially.
Total cash from operating activities amounted to nearly $783.2 million in the first quarter, up from $649.6 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, capital expenditures for 2024 are projected to be between $1.6 billion and $1.7 billion.
Price Performance
Agnico Eagle’s shares have gained 16.2% in the past year compared with a 2.2% fall of the industry.
The consensus estimate for GFI’s first-quarter earnings is pegged at 22 cents per share. The Zacks Consensus Estimate for GFI’s first-quarter earnings has been stable in the past 60 days. The company’s shares have increased 13.5% in the past year.
CRS is slated to report fiscal third-quarter results on May 1. The consensus estimate for CRS’ fiscal third-quarter earnings is pegged at 94 cents per share, indicating a year-over-year surge of 147.4%. CRS beat on earnings in three of the last four quarters, delivering an average surprise of 12.2%. The company’s shares have risen 69.5% in the past year.
Ecolab is slated to report first-quarter results on Apr 30. The consensus estimate for ECL’s first-quarter earnings is pegged at $1.33 per share, indicating a year-over-year surge of 51.1%. ECL beat on earnings in each of the last four quarters, delivering an average surprise of 1.7%. The company’s shares have rallied 35.2% in the past year.
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Agnico Eagle's (AEM) Q1 Earnings and Sales Beat Estimates
Agnico Eagle Mines Limited (AEM - Free Report) reported adjusted earnings of 76 cents per share in first-quarter 2024, up from 57 cents in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of 60 cents.
The company generated revenues of $1,829.8 million, up nearly 21% year over year. The top line surpassed the Zacks Consensus Estimate of $1,622 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 878,652ounces in the reported quarter, up from 812,813 ounces in the prior-year quarter. The figure surpassed our estimate of 845,654 ounces.
Total cash costs per ounce for gold were $901, up from $832 a year ago. It was higher than our estimate of $866.
Realized gold prices were $2,062 per ounce in the quarter, up from $1,892 a year ago. It was above our estimate of $1,915.
All-in-sustaining costs (AISC) were $1,190 per ounce in the quarter compared with $1,125 per ounce a year ago. It was higher than our estimate of $1,152.
Financial Position
Agnico Eagle ended the quarter with cash and cash equivalents of $524.6 million, up 55% sequentially. Long-term debt was around $1,741 million, flat sequentially.
Total cash from operating activities amounted to nearly $783.2 million in the first quarter, up from $649.6 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, capital expenditures for 2024 are projected to be between $1.6 billion and $1.7 billion.
Price Performance
Agnico Eagle’s shares have gained 16.2% in the past year compared with a 2.2% fall of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
AEM currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the Basic Materials space are Gold Fields Limited (GFI - Free Report) , sporting a Zacks Rank #1 (Strong Buy), and Carpenter Technology Corporation (CRS - Free Report) and Ecolab Inc. (ECL - Free Report) , each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for GFI’s first-quarter earnings is pegged at 22 cents per share. The Zacks Consensus Estimate for GFI’s first-quarter earnings has been stable in the past 60 days. The company’s shares have increased 13.5% in the past year.
CRS is slated to report fiscal third-quarter results on May 1. The consensus estimate for CRS’ fiscal third-quarter earnings is pegged at 94 cents per share, indicating a year-over-year surge of 147.4%. CRS beat on earnings in three of the last four quarters, delivering an average surprise of 12.2%. The company’s shares have risen 69.5% in the past year.
Ecolab is slated to report first-quarter results on Apr 30. The consensus estimate for ECL’s first-quarter earnings is pegged at $1.33 per share, indicating a year-over-year surge of 51.1%. ECL beat on earnings in each of the last four quarters, delivering an average surprise of 1.7%. The company’s shares have rallied 35.2% in the past year.