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AEM saw realized gold prices jump 36.3%, while cash flow from operations rose 16.2% year over year.
Agnico Eagle raised 2026 capital spending guidance and expects production near the low end of guidance.
Agnico Eagle Mines Limited (AEM - Free Report) reported earnings of $3.17 per share for the second quarter of 2026, up from $2.12 in the year-ago quarter.
Barring one-time items, earnings were $3.05 per share, up 57.2% from $1.94 a year ago. The figure surpassed the Zacks Consensus Estimate of $2.89.
The company generated revenues of $3,802.8 million, up 35% year over year. The top line missed the Zacks Consensus Estimate of $3,863.2 million.
Agnico Eagle Mines Limited Price, Consensus and EPS Surprise
Payable gold production was 855,816 ounces in the reported quarter, down 1.2% from 866,029 ounces in the prior-year quarter. The figure surpassed our estimate of 827,779 ounces.
Total cash costs per ounce for gold were $1,054, up from $925 a year ago. It beat our estimate of $1,043.
Realized gold prices were $4,483 per ounce in the quarter, up 36.3% from $3,288 a year ago. The figure lagged our estimate of $4,640.
All-in sustaining costs were $1,459 per ounce in the quarter, up 13.9% from $1,281 a year ago. It topped our estimate of $1,439.
Financial Position
Agnico Eagle ended the quarter with cash and cash equivalents of $3,464 million, up 11.3% sequentially. Long-term debt was $197 million, unchanged from the prior quarter.
Total cash from operating activities amounted to $2,144 million in the second quarter, up 16.2% from $1,845 million a year ago. Free cash flow increased 2.3% year over year to $1,335 million.
Outlook
For full-year 2026, the company expects gold production near the lower end of its guidance of 3.3 million to 3.5 million ounces, reflecting the preliminary redesign of the Barnat open pit at Canadian Malartic. Total cash costs per ounce are projected between $1,020 and $1,120, while AISC is forecast in the range of $1,400 to $1,550 per ounce.
The company now expects capital expenditures, excluding capitalized exploration, to be between $2.6 billion and $2.8 billion, up from the prior guidance of $2.2-$2.4 billion, reflecting the approval of construction activities at Hope Bay. Capitalized exploration is projected in the range of $290 million to $330 million.
Exploration and corporate development expenses are expected to be between $275 million and $305 million. Depreciation and amortization expenses are forecast in the range of $1.55-$1.75 billion.
The company anticipates general and administrative expenses between $230 million and $260 million. Other costs are projected between $75 million and $95 million.
The effective tax rate is projected between 34% and 36%, with cash taxes estimated in the range of $3.4-$3.6 billion.
AEM’s Price Performance
Shares of AEM have gained 16.1% over the past year compared with a 39.9% rise in its industry.
Image Source: Zacks Investment Research
AEM’s Zacks Rank & Key Picks
AEM currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the Basic Materials space are TheChemours Company (CC - Free Report) , Neo Performance Materials Inc. (NOPMF - Free Report) and Ternium S.A. (TX - Free Report) .
Chemours is scheduled to report second-quarter results on Aug. 4. The Zacks Consensus Estimate for CC’s second-quarter earnings is pegged at 43 cents per share. It carries a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
NOPMF is slated to report fiscal fourth-quarter results on Aug. 11. The Zacks Consensus Estimate for earnings is pegged at 5 cents per share. NOPMF has a Zacks Rank #1 at present
Ternium is scheduled to report second-quarter results on Aug. 4. The Zacks Consensus Estimate for TX’s second-quarter earnings is pegged at $1.29 per share. It currently carries a Zacks Rank #1.
View the Zacks #1 Rank List
Image: Bigstock
Agnico Eagle's Q2 Earnings Surpass Estimates, Revenues Miss
Key Takeaways
Agnico Eagle Mines Limited (AEM - Free Report) reported earnings of $3.17 per share for the second quarter of 2026, up from $2.12 in the year-ago quarter.
Barring one-time items, earnings were $3.05 per share, up 57.2% from $1.94 a year ago. The figure surpassed the Zacks Consensus Estimate of $2.89.
The company generated revenues of $3,802.8 million, up 35% year over year. The top line missed the Zacks Consensus Estimate of $3,863.2 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 855,816 ounces in the reported quarter, down 1.2% from 866,029 ounces in the prior-year quarter. The figure surpassed our estimate of 827,779 ounces.
Total cash costs per ounce for gold were $1,054, up from $925 a year ago. It beat our estimate of $1,043.
Realized gold prices were $4,483 per ounce in the quarter, up 36.3% from $3,288 a year ago. The figure lagged our estimate of $4,640.
All-in sustaining costs were $1,459 per ounce in the quarter, up 13.9% from $1,281 a year ago. It topped our estimate of $1,439.
Financial Position
Agnico Eagle ended the quarter with cash and cash equivalents of $3,464 million, up 11.3% sequentially. Long-term debt was $197 million, unchanged from the prior quarter.
Total cash from operating activities amounted to $2,144 million in the second quarter, up 16.2% from $1,845 million a year ago. Free cash flow increased 2.3% year over year to $1,335 million.
Outlook
For full-year 2026, the company expects gold production near the lower end of its guidance of 3.3 million to 3.5 million ounces, reflecting the preliminary redesign of the Barnat open pit at Canadian Malartic. Total cash costs per ounce are projected between $1,020 and $1,120, while AISC is forecast in the range of $1,400 to $1,550 per ounce.
The company now expects capital expenditures, excluding capitalized exploration, to be between $2.6 billion and $2.8 billion, up from the prior guidance of $2.2-$2.4 billion, reflecting the approval of construction activities at Hope Bay. Capitalized exploration is projected in the range of $290 million to $330 million.
Exploration and corporate development expenses are expected to be between $275 million and $305 million. Depreciation and amortization expenses are forecast in the range of $1.55-$1.75 billion.
The company anticipates general and administrative expenses between $230 million and $260 million. Other costs are projected between $75 million and $95 million.
The effective tax rate is projected between 34% and 36%, with cash taxes estimated in the range of $3.4-$3.6 billion.
AEM’s Price Performance
Shares of AEM have gained 16.1% over the past year compared with a 39.9% rise in its industry.
AEM’s Zacks Rank & Key Picks
AEM currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the Basic Materials space are The Chemours Company (CC - Free Report) , Neo Performance Materials Inc. (NOPMF - Free Report) and Ternium S.A. (TX - Free Report) .
Chemours is scheduled to report second-quarter results on Aug. 4. The Zacks Consensus Estimate for CC’s second-quarter earnings is pegged at 43 cents per share. It carries a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
NOPMF is slated to report fiscal fourth-quarter results on Aug. 11. The Zacks Consensus Estimate for earnings is pegged at 5 cents per share. NOPMF has a Zacks Rank #1 at present
Ternium is scheduled to report second-quarter results on Aug. 4. The Zacks Consensus Estimate for TX’s second-quarter earnings is pegged at $1.29 per share. It currently carries a Zacks Rank #1.