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Agnico Eagle (AEM) Q3 Earnings Lag, Sales Beat Estimates

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·3 min read
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  • AEM
  • CC
  • NUE
  • OLN

Agnico Eagle Mines Limited AEM reported net income of $114.5 million or 47 cents per share in third-quarter 2021, down from $222.7 million or 92 cents per share reported in the year-ago quarter.

Barring one-time items, adjusted earnings per share came in at 60 cents. The bottom line missed the Zacks Consensus Estimate of 61 cents per share.

The company generated revenues of $974.1 million, down 0.7% year over year. The top line surpassed the Zacks Consensus Estimate of $953.4.

Agnico Eagle Mines Limited Price, Consensus and EPS Surprise

Agnico Eagle Mines Limited Price, Consensus and EPS Surprise
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 up 6.3% year over year to 523,706 ounces in the reported quarter. The figure excludes gold production at Hope Bay. Including Hope Bay, payable gold production was at a new record of 541,663 ounces in the quarter.

Total cash costs per ounce for gold were $765, almost flat year over year. All-in sustaining costs (AISC) were $1,059 per ounce in the quarter, including Hope Bay.

Financial Position

Agnico Eagle ended the quarter with cash and cash equivalents of $241.5 million, down 23.6% year over year. Long-term debt was around $1,342.1 million, down 14.2% year over year.

Total cash from operating activities amounted to $291 million in the third quarter, down 37.1% year over year.

Outlook

The company expects gold production for 2021 to be 2,047,500 ounces. It also projects total cash costs per ounce of $700-$750 and AISC of $950-$1,000 per ounce for 2021.

The forecast for capital expenditures for 2021 is roughly $803 million.

Price Performance

Shares of Agnico Eagle have declined 27.9% in the past year compared with a 16.3% fall of the industry.

Zacks Investment Research
Zacks Investment Research

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Zacks Rank & Key Picks

Agnico Eagle currently carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the basic materials space are Nucor Corporation NUE, The Chemours Company CC and Olin Corporation OLN.

Nucor has a projected earnings growth rate of around 580.2% for the current year. The company’s shares have soared 132.3% in a year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Chemours has an expected earnings growth rate of around 86.9% for the current year. The company’s shares have gained 41.1% in the past year. It currently carries a Zacks Rank #2 (Buy).

Olin has an expected earnings growth rate of around 700% for the current year. The company’s shares have surged 238.3% in the past year. It currently flaunts a Zacks Rank #1.


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Nucor Corporation (NUE) : Free Stock Analysis Report

Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report

Olin Corporation (OLN) : Free Stock Analysis Report

The Chemours Company (CC) : Free Stock Analysis Report

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