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Agnico Eagle (AEM) Beats Earnings and Sales Estimates in Q2
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Agnico Eagle Mines Limited (AEM - Free Report) logged net income of $27.8 million or 12 cents per share in second-quarter 2019, up from around $5 million or 2 cents in the year-ago quarter.
Barring one-time items, adjusted earnings per share came in at 10 cents, which beat the Zacks Consensus Estimate of 2 cents.
Agnico Eagle generated revenues worth $526.6 million, down around 5.3% year over year. Nevertheless, the figure surpassed the Zacks Consensus Estimate of $493.8 million.
Agnico Eagle Mines Limited Price, Consensus and EPS Surprise
Gold production rose 1.8% year over year to 412,315 ounces. The figure includes pre-commercial production of 29,699 ounces at Meliadine and 2,147 ounces at Amaruq. Total cash costs per ounce were $652, down from $656 in the prior-year quarter.
All-in sustaining costs (AISC) were $953 per ounce, up 3.5% from year over year.
Financial Position
At the end of second quarter, cash and cash equivalents were around $118.7 million, down from around $708.3 million in the year-ago quarter.
Long-term debt was $1,362.7 million at the end of the quarter.
Total cash from operating activities amounted to $126.3 million in the reported quarter, up 5.2% year over year.
Outlook
Agnico Eagle reaffirmed production and cost guidance for 2019.
Gold production for the year is projected at 1.75 million ounces. The projection includes pre-commercial production from Meliadine and Amaruq.
Total cash costs per ounce are projected between $620 and $670. AISC is expected in the range of $875-$925 per ounce.
Price Performance
Agnico Eagle’s shares have gained 26.6% in the past year compared with the industry’s 37.8% rally.
Zacks Rank & Other Key Picks
Agnico Eagle currently carries a Zacks Rank #2 (Buy).
SSR Mining has an expected earnings growth rate of 69.6% for 2019. The company’s shares have rallied 48.3% in the past year.
Kinross has projected earnings growth rate of 80% for the current year. The company’s shares have gained 16.2% in a year’s time.
Arconic has an estimated earnings growth rate of 38.2% for the current year. Its shares have moved up 19.8% in the past year.
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Agnico Eagle (AEM) Beats Earnings and Sales Estimates in Q2
Agnico Eagle Mines Limited (AEM - Free Report) logged net income of $27.8 million or 12 cents per share in second-quarter 2019, up from around $5 million or 2 cents in the year-ago quarter.
Barring one-time items, adjusted earnings per share came in at 10 cents, which beat the Zacks Consensus Estimate of 2 cents.
Agnico Eagle generated revenues worth $526.6 million, down around 5.3% year over year. Nevertheless, the figure surpassed the Zacks Consensus Estimate of $493.8 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
Gold production rose 1.8% year over year to 412,315 ounces. The figure includes pre-commercial production of 29,699 ounces at Meliadine and 2,147 ounces at Amaruq. Total cash costs per ounce were $652, down from $656 in the prior-year quarter.
All-in sustaining costs (AISC) were $953 per ounce, up 3.5% from year over year.
Financial Position
At the end of second quarter, cash and cash equivalents were around $118.7 million, down from around $708.3 million in the year-ago quarter.
Long-term debt was $1,362.7 million at the end of the quarter.
Total cash from operating activities amounted to $126.3 million in the reported quarter, up 5.2% year over year.
Outlook
Agnico Eagle reaffirmed production and cost guidance for 2019.
Gold production for the year is projected at 1.75 million ounces. The projection includes pre-commercial production from Meliadine and Amaruq.
Total cash costs per ounce are projected between $620 and $670. AISC is expected in the range of $875-$925 per ounce.
Price Performance
Agnico Eagle’s shares have gained 26.6% in the past year compared with the industry’s 37.8% rally.
Zacks Rank & Other Key Picks
Agnico Eagle currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are SSR Mining Inc. (SSRM - Free Report) , Kinross Gold Corporation (KGC - Free Report) and Arconic Inc. , all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SSR Mining has an expected earnings growth rate of 69.6% for 2019. The company’s shares have rallied 48.3% in the past year.
Kinross has projected earnings growth rate of 80% for the current year. The company’s shares have gained 16.2% in a year’s time.
Arconic has an estimated earnings growth rate of 38.2% for the current year. Its shares have moved up 19.8% in the past year.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.
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