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Agnico Eagle moves up after Q4 earnings beat, higher 2019 output view

Feb. 15, 2019 10:48 AM ETAgnico Eagle Mines Limited (AEM) Stock, AEM:CA StockAEMBy: Carl Surran, SA News Editor
  • Agnico Eagle Mines (AEM +1.4%) is higher after reporting better than expected Q4 earnings and three-year guidance that points to rising production.
  • But AEM posted an unadjusted Q4 loss of $393.7M, compared to a $37.5M profit a year ago, as the miner took $389.7M in impairment losses, including a $250M goodwill impairment on the Canadian Malartic Mine and a $100M asset impairment at the El Barqueno project.
  • AEM says Q4 gold production fell slightly to 410.7K oz. from 413.2K oz. in the year-ago period, and full year output fell 5% Y/Y to 1.63M oz. from 1.71M, citing reduced throughput at Meadowbank as mining there winds down.
  • Q4 all-in sustaining costs fell to $852/oz. from $905/oz. a year earlier, while full-year AISC was $877/oz., up from $804/oz.
  • AEM lifts its 2019 gold production guidance slightly to 1.75M oz. from 1.7M oz. previously while leaving the mid-point of guidance for 2020 at 2M oz. and for 2021 at 2.05M oz.; all-in sustaining costs are seen at $875-$925/oz. in 2019 before decline amid expected higher production in 2020.
  • AEM also raises its quarterly dividend by 14% to $0.125/share.

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