Seeking Alpha

Agnico Eagle Q1 earnings surge on record gold production, shares +6.4%

  • Agnico Eagle Mines (AEM) +6.4% AH after Q1 earnings more than quadrupled Y/Y and beat estimates, as it set a company record for gold production with 366,421 oz. at total cash costs of $537/oz.
  • AEM says it now expects FY 2014 production to come in above its previous high estimate, while costs will come in under the low of its previous forecast range.
  • Q1 operating activities provided $247M of cash, up from $146M in the year-ago quarter, despite lower gold prices.
  • Sees 2014 capex of $431M, more than previous guidance of $416M, as several new projects were approved.
Comments (2)
  • User 195396
    , contributor
    Comments (373) | Send Message
     
    Nailed it! Mgmt executes as is their habit-smart guys and girls.
    1 May, 06:39 PM Reply Like
  • User 16336642
    , contributor
    Comments (52) | Send Message
     
    Once again the "market" is always wrong. Down 20% the past month on those earnings? You think Facebook would have behaved that way? Amazon, Google? But the manipulated mess that is GDX and gold miners of course.
    2 May, 06:20 AM Reply Like
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