Agnico-Eagle Flying Slightly Lower in U.S. Premarket on Q1
Agnico-Eagle (AEM.TO) is now flying 1 cent lower in U.S. premarket trading - it was 8 cents lower about 30 minutes or so ago - after announcing first quarter profit more than doubled on a 34% increase in gold output, despite a fire that hit production at a mine in the Canadian Arctic.
The gold miner also said production would rise by about 20% in the second half of the year, once it has all its mines operating at a steady state, Reuters reported.
But, Reuters said, while Agnico's profit more than doubled in the first quarter, the gold miner still fell a bit short of analyst expectations.
Agnico earned $45.3 million or 27 cents a share, up from a year-earlier $22.3 million or 14 cents a share.
When adjusted to remove foreign currency losses, stock option expenses and one-time expenses, as well as a small one-time gain, earnings were $76.5 million, or 45 cents a share. Analysts had expected, on average, adjusted earnings of 48 cents a share, according to Thomson Reuters I/B/E/S.
Revenue rose $412.1 million from $237.6 million.
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