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Agnico Eagle Mines Limited Message Board

  • huddledcliches huddledcliches Oct 24, 2012 5:05 PM Flag

    Qtrly Earnings

    Here's an excerpt:

    Agnico-Eagle Reports Record Operating and Financial Results for the Third Quarter of 2012; Increases Full Year 2012 Production Guidance 10/24 04:00 PM

    --------------------------------------------------------------------------------

    (All amounts expressed in U.S. dollars unless otherwise noted)

    Stock Symbol: AEM (NYSE and TSX)

    TORONTO, Oct. 24, 2012 /PRNewswire/ - Agnico-Eagle Mines Limited (AEM:$51.64,00$-0.94,00-1.79%) ("Agnico-Eagle" or the "Company") today reported quarterly net income of $106.3 million, or $0.62 per share, for the third quarter of 2012. These results include a non-cash foreign currency translation loss of $16.3 million, or $0.10 per share, stock option expense of $7.1 million, or $0.04 per share and other non-recurring items totaling a loss of $1.8 million, or $0.01 per share. Excluding these items would result in adjusted net income of $131.5 million, or $0.77 per share. In the third quarter of 2011, the Company reported a net loss of $81.6 million, or a loss of $0.48 per share.

    For the first nine months of 2012, net income was $228.1 million, or $1.33 per share. This compares with the first nine months of 2011 when net income was $32.5 million, or $0.19 per share.

    Cash flow generation was strong as third quarter 2012 cash provided by operating activities was a record $199.5 million ($223.9 million before changes in non-cash components of working capital), essentially unchanged from the cashprovided by operating activities of $197.6 million in the third quarter of 2011 ($213.5 million before changes in non-cash components of working capital).

    For the first nine months of 2012, cash provided by operating activities was a record $590.0 million as compared with the first nine months of 2011, when cash provided by operating activities was $535.2 million.

    The higher net income and cash provided by operating activities in the 2012 periods were primarily due to significantly stronger gold production and good cost performance at several of the operating mines, in particular at Meadowbank in Nunavut.

    "Continued strong operating performance during the third quarter has resulted in a further strengthening of our financial position. In addition to steady production from all of our mines, and in particular record gold output at Meadowbank and Kittila, we are pleased to announce an increase in our full year production forecast with an associated reduction in the total cash cost estimate," said Sean Boyd, President and Chief Executive Officer.

    Third quarter highlights include:

    Record Quarterly Production and Improved Costs at Meadowbank - record quarterly gold production of 110,988 ounces at total cash costs1 per ounce of $734
    Record Quarterly Production and Improved Costs at Kittila - record quarterly gold production of 48,619 ounces at total cash costs per ounce of $478
    Significant Improvements in Overall Cost Profile - total cash costs per ounce of $556
    Record Quarterly Cash Generation - quarterly cash provided by operating activities of $199.5 million, or $1.16 per share
    Lower Production in 2013 at Creston Mascota - movement of ore on leach pad results in temporary suspension of production at Creston Mascota. To begin ramp up in second quarter 2013

 
AEM
24.35+0.70(+2.96%)Dec 26 4:02 PMEST

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