Agnico Eagle(US:AEM) Zacks Investment Researchยท2024-04-26 16:05Core Viewpoint - Agnico Eagle Mines Limited (AEM) reported strong financial results for the first quarter of 2024, with adjusted earnings and revenues exceeding expectations, indicating robust operational performance and a positive outlook for the year ahead [1][2][3]. Financial Performance - Adjusted earnings were 76 cents per share, an increase from 57 cents in the same quarter last year, surpassing the Zacks Consensus Estimate of 60 cents [1]. - Revenues reached $1,829.8 million, reflecting a nearly 21% year-over-year increase and exceeding the Zacks Consensus Estimate of $1,622 million [1]. Operational Highlights - Payable gold production was 878,652 ounces, up from 812,813 ounces in the prior-year quarter, surpassing the estimate of 845,654 ounces [2]. - Total cash costs per ounce for gold increased to $901 from $832 a year ago, higher than the estimate of $866 [2]. - Realized gold prices rose to $2,062 per ounce, up from $1,892 a year ago, exceeding the estimate of $1,915 [2]. - All-in-sustaining costs (AISC) were $1,190 per ounce, compared to $1,125 per ounce a year ago, also higher than the estimate of $1,152 [2]. Financial Position - The company ended the quarter with cash and cash equivalents of $524.6 million, a 55% sequential increase [3]. - Long-term debt remained stable at approximately $1,741 million [3]. - Total cash from operating activities was nearly $783.2 million, up from $649.6 million a year ago [3]. Outlook - For 2024, the company anticipates gold production between 3.35 million and 3.55 million ounces [4]. - Total cash costs per ounce are expected to range from $875 to $925, while AISC is projected to be between $1,200 and $1,250 [4]. - Capital expenditures for 2024, excluding capitalized exploration, are projected to be between $1.6 billion and $1.7 billion [4]. Price Performance - Agnico Eagle's shares have increased by 16.2% over the past year, contrasting with a 2.2% decline in the industry [5].