Agnico-Eagle Mines Earnings: Here’s Why Shares are Up Now
Agnico-Eagle Mines Ltd. (NYSE:AEM) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.12%.
Agnico-Eagle Mines Ltd. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 47.46% to $0.31 in the quarter versus EPS of $0.59 in the year-earlier quarter.
Revenue: Decreased 10.52% to $423.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Agnico-Eagle Mines Ltd. reported adjusted EPS income of $0.31 per share. By that measure, the company missed the mean analyst estimate of $0.34. It beat the average revenue estimate of $415.88 million.
Quoting Management: “This year is a building year for Agnico-Eagle as we prepare to bring two mines into production over the next several quarters. In the first quarter, our operations performed in line with expectations and we remain on track to achieve our 2013 production guidance” said Sean Boyd, President and Chief Executive Officer. “We are also pleased to announce that the expected startups at Goldex and La India are ahead of schedule. Goldex is expected to commence production in the fourth quarter of 2013, while La India is scheduled to be in commercial production in the first quarter of 2014. These two mines are expected to make a meaningful contribution to the growth profile of the Company”, added Mr. Boyd.
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