Stock Monitor: Asanko Gold Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 23, 2018 / Active-Investors.com has just released a free earnings report on Agnico Eagle Mines Ltd (NYSE: AEM) ("Agnico Eagle"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AEM. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on February 14, 2018. The gold mining Company delivered an annual gold production ahead of guidance. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Agnico Eagle Mines most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the three months ended December 31, 2017, Agnico Eagle generated revenues of $565.3 million, up 13% compared to $499.2 million in Q4 2016.
For the full year FY17, Agnico Eagle's revenues totaled $2.24 billion, gaining 5% compared to $2.14 billion in FY16.
Agnico Eagle reported a net income of $35.1 million, or $0.15 per share, in Q4 2017 compared to $62.7 million, or $0.28 per share, in Q4 2016. The Company's reported quarter results included mark-to-market adjustments and derivative losses of $0.01 per share; non-recurring losses of $0.03 per share; and non-cash foreign currency translation losses of $0.02 per share. Excluding these items, Agnico Eagle reported an adjusted net income of $48.4 million, or $0.21 per share, in Q4 2017. The Company's earnings beat Wall Street's estimates of $0.19 per share.
For the full year FY17, Agnico Eagle recorded a net income of $243.9 million, or $1.06 per share, compared to $158.8 million, or $0.71 per share, in FY16. The increase was primarily due to higher revenues as a result of higher realized metal prices and higher metal sales volumes.
During Q4 2017, Agnico Eagle's payable production was 413,212 ounces of gold compared to 426,433 ounces in Q4 2016. The Company's payable production was 1,713,533 ounces of gold in FY17 compared to the most recent guidance of 1,680,000 ounces. In FY16, production was 1,662,888 ounces. For the sixth consecutive year, Agnico Eagle's annual gold production topped its annual production guidance.
Agnico Eagle's production costs per ounce were $697 in Q4 2017 compared to $598 in Q4 2016. The Company's total cash costs per ounce were $592 in the reported quarter compared to $552 in the year ago same period. The increases in production costs per ounce and cash costs per ounce on a y-o-y basis in Q4 2017 were attributed to higher minesite costs and lower production. Agnico Eagle's all in sustaining cost (AISC) were $905 in Q4 2017 compared to $832 in Q4 2016, due to higher total cash costs and an increased sustaining capital spending.
In FY17, mineral reserves, net of 2017 production, increased by 3.1% to 20.6 million ounces (257 million tons grading 2.49 grams per ton (g/t) gold), while the gold reserve grade increased by approximately 7.7% on a y-o-y basis. The Company's measured and indicated mineral resources declined by 2.6% and inferred mineral resources declined by 4.3%. However, the grades of these mineral resources increased.
As of December 31, 2017, Agnico Eagle's cash and cash equivalents and short-term investments increased to $643.9 million from $548.4 million as of December 31, 2016. The outstanding balance on the Company's credit facility remained nil at December 31, 2017. Agnico Eagle had available credit lines of approximately $1.2 billion, not including the uncommitted $300 million accordion feature.
For Q4 2017, Agnico Eagle's cash provided by operating activities was $166.9 million compared to $120.6 million in Q4 2016.
For the full year FY18, Agnico Eagle is forecasting production of 1.53 million ounces compared to the previous guidance of 1.50 million ounces. The Company is expecting first production at its Meliadine project for Q2 2019, which will be approximately one quarter ahead of the initial schedule.
For FY18, Agnico Eagle is projecting total cash costs per ounce to be between $625 and $675, and AISC per ounce to be between $890 and $940.
Stock Performance Snapshot
March 22, 2018 - At Thursday's closing bell, Agnico Eagle Mines' stock fell 1.21%, ending the trading session at $40.08.
Volume traded for the day: 1.37 million shares.
After yesterday's close, Agnico Eagle Mines' market cap was at $9.24 billion.
Price to Earnings (P/E) ratio was at 38.17.
The stock has a dividend yield of 1.10%.
The stock is part of the Basic Materials sector, categorized under the Gold industry.
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