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UPDATE: Agnico-Eagle Reports Q2, Lifts FY Production Guidance; Shares Now Up About 8%

Agnico-Eagle Mines Limited (AEM.TO), which jumped more than 3% Wednesday, has added another 7% of gains today after it reported its second quarter results, lifted full year production guidance, announced development at its Goldex mine and said Meliadine continues to grow.

The consensus earnings per share forecast from the 11 analysts that follow the stock was $0.31.

It reported quarterly net income of $43.3 million, or $0.25 per share, for the second quarter of 2012. These results include a loss (mainly impairment) on available-for-sale securities of $18.3 million, or $0.11 per share, stock option expense of $7.8 million, or $0.05 per share, a non-recurring tax loss of $4.3 million, or $0.03 per share, and other non-recurring expenses of $6.2 million or $0.04 per share. Partially offsetting these items was a non-cash foreign currency translation gain of $11.0 million, or $0.06 per share. Excluding these items would result in adjusted net income of $68.9 million, or $0.40 per share. In the second quarter of 2011, the company reported net income of $68.8 million, or $0.41 per share.

AEM is now trading at $42.65, up about 8%, with volumes of over 2.2 million.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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