Agnico Eagle's Earnings and Revenues Beat Estimates in Q4

Core Viewpoint - Agnico Eagle Mines Limited (AEM) reported strong financial results for the fourth quarter of 2024, with significant increases in earnings and revenues compared to the previous year, indicating robust operational performance and a positive outlook for future production [1][2][6]. Financial Performance - Adjusted earnings for Q4 2024 were $1.26 per share, a substantial increase from 58 cents in the same quarter last year, exceeding the Zacks Consensus Estimate of $1.17 per share [1] - Revenues reached $2,223.7 million, reflecting a year-over-year increase of nearly 26.6%, surpassing the Zacks Consensus Estimate of $2,097.2 million [2][6] - Full-year 2024 adjusted earnings were $4.24 per share, up from $2.24 a year ago, with total revenues of $8,285.7 million, marking a nearly 25% increase year over year [6] Operational Highlights - Payable gold production for the quarter was 847,401 ounces, down from 903,208 ounces in the prior-year quarter, primarily due to lower output from several mines, but still exceeding the estimate of 818,809 ounces [3] - Total cash costs per ounce for gold increased to $923 from $888 a year ago, which was lower than the estimated $926 [3] - Realized gold prices rose to $2,660 per ounce, up from $1,982 a year ago, surpassing the estimate of $2,475 [4] - All-in-sustaining costs (AISC) were $1,316 per ounce, compared to $1,227 per ounce a year ago, which was higher than the estimate of $1,231 [4] Financial Position - The company ended the quarter with cash and cash equivalents of $926 million, a significant increase of 173.1% year over year [5] - Long-term debt decreased to approximately $1,053 million, down 39.5% [5] - Total cash from operating activities was about $1,132 million in Q4, up from $728 million a year ago [5] Future Outlook - For 2025, AEM anticipates gold production between 3.3 to 3.5 million ounces, with total cash costs per ounce projected between $915 to $965 and AISC between $1,250 to $1,300 [7] - Projected capital expenditures for 2025, excluding capitalized exploration, are estimated to be between $1.75 billion and $1.95 billion [7] Stock Performance - AEM's shares have increased by 116.1% over the past year, outperforming the industry average rise of 54.9% [8]