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Agnico Eagle (AEM) Earnings & Revenues Beat Estimates in Q1
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Agnico Eagle Mines Limited (AEM - Free Report) reported a net income of $76 million or 33 cents per share in the first quarter of 2017, compared with net income of $27.8 million or 13 cents recorded in the year-ago quarter.
Adjusted (barring one-time items) earnings came in at 28 cents per share in the quarter, topping the Zacks Consensus Estimate of 14 cents.
Revenues and Operational Highlights
Agnico Eagle recorded revenues of $547.5 million in the first quarter of 2017, up 11.6% from $490.5 million in the year-ago quarter. The figure surpassed the Zacks Consensus Estimate of $519 million.
Payable gold production in the first quarter improved 1.7% year over year to 418,426 ounces from 411,336 ounces in the year-ago quarter.
Total cash costs per ounce for the first quarter of 2017 was $539, down 6% from the prior-year quarter figure of $573.
All-in sustaining costs per ounce (AISC) were $741 for first quarter 2017, lower than $797 in the first quarter of 2016. This is mainly due to lower total cash costs per ounce and reduced sustaining capital expenditures on a year over year basis.
Agnico Eagle Mines Limited Price, Consensus and EPS Surprise
As of Mar 31, 2017, cash and cash equivalents were around $793.2 million, up 387.4% from year-ago quarter. Long-term debt was $1,073.4 million in the reported quarter up 0.05% from $1,072.7 million in the prior year quarter.
There was no outstanding balance on Agnico Eagle’s credit facility as of Mar 31, 2017. This results in available credit lines of roughly $1.2 billion, excluding the uncommitted $300 million accordion feature.
Total capital expenditures in the reported quarter was $136.7 million.
Outlook
Agnico Eagle continues to expect total cash costs of between $595 and $625 per ounce and AISC of between $850 and $900 per ounce in 2017. The company anticipates production to exceed 1.57 million ounces in 2017 compared to the previous guidance of 1.55 million ounces.
Price Performance
Agnico Eagle’s shares gained 2.1% in the past one year, outperforming the Mining-Gold industry’s decline of 12.2%.
Zacks Rank & Key Picks
Agnico Eagle currently carries a Zacks Rank #3 (Hold).
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Agnico Eagle (AEM) Earnings & Revenues Beat Estimates in Q1
Agnico Eagle Mines Limited (AEM - Free Report) reported a net income of $76 million or 33 cents per share in the first quarter of 2017, compared with net income of $27.8 million or 13 cents recorded in the year-ago quarter.
Adjusted (barring one-time items) earnings came in at 28 cents per share in the quarter, topping the Zacks Consensus Estimate of 14 cents.
Revenues and Operational Highlights
Agnico Eagle recorded revenues of $547.5 million in the first quarter of 2017, up 11.6% from $490.5 million in the year-ago quarter. The figure surpassed the Zacks Consensus Estimate of $519 million.
Payable gold production in the first quarter improved 1.7% year over year to 418,426 ounces from 411,336 ounces in the year-ago quarter.
Total cash costs per ounce for the first quarter of 2017 was $539, down 6% from the prior-year quarter figure of $573.
All-in sustaining costs per ounce (AISC) were $741 for first quarter 2017, lower than $797 in the first quarter of 2016. This is mainly due to lower total cash costs per ounce and reduced sustaining capital expenditures on a year over year basis.
Agnico Eagle Mines Limited Price, Consensus and EPS Surprise
Agnico Eagle Mines Limited Price, Consensus and EPS Surprise | Agnico Eagle Mines Limited Quote
Financial Position
As of Mar 31, 2017, cash and cash equivalents were around $793.2 million, up 387.4% from year-ago quarter. Long-term debt was $1,073.4 million in the reported quarter up 0.05% from $1,072.7 million in the prior year quarter.
There was no outstanding balance on Agnico Eagle’s credit facility as of Mar 31, 2017. This results in available credit lines of roughly $1.2 billion, excluding the uncommitted $300 million accordion feature.
Total capital expenditures in the reported quarter was $136.7 million.
Outlook
Agnico Eagle continues to expect total cash costs of between $595 and $625 per ounce and AISC of between $850 and $900 per ounce in 2017. The company anticipates production to exceed 1.57 million ounces in 2017 compared to the previous guidance of 1.55 million ounces.
Price Performance
Agnico Eagle’s shares gained 2.1% in the past one year, outperforming the Mining-Gold industry’s decline of 12.2%.
Zacks Rank & Key Picks
Agnico Eagle currently carries a Zacks Rank #3 (Hold).
Some better-ranked companies in the basic material space include Univar Inc. , The Chemours Company (CC - Free Report) and Kronos Worldwide Inc (KRO - Free Report) . All the three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Univar has expected long-term growth of 9.4%.
Chemours has expected long-term growth of 15.5%.
Kronos has expected long-term growth of 5%.
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If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.
Today Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure. See these buy recommendations now >>