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

|About: Agnico Eagle Mines Limited (AEM)|By:, SA News Editor

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.