Agnico Eagle Mines Limited AEM reported adjusted earnings of $1.26 per share for fourth-quarter 2024, up from 58 cents in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of $1.17 per share.

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The company generated revenues of $2,223.7 million, up nearly 26.6% year over year. The top line surpassed the Zacks Consensus Estimate of $2,097.2 million.

AEM’s Operational Highlights

Payable gold production was 847,401 ounces in the reported quarter, down from 903,208 ounces in the prior-year quarter due to lower production from Canadian Malartic, La India, Detour Lake and Fosterville. The figure surpassed our estimate of 818,809 ounces.

Total cash costs per ounce for gold were $923, up from $888 a year ago. It was lower than our estimate of $926.

Realized gold prices were $2,660 per ounce in the quarter, up from $1,982 a year ago. It topped our estimate of $2,475.

All-in-sustaining costs (AISC) were $1,316 per ounce in the quarter compared with $1,227 per ounce a year ago. It was higher than our estimate of $1,231.

AEM’s Financial Position

Agnico Eagle ended the quarter with cash and cash equivalents of $926 million, up 173.1% year over year. Long-term debt was around $1,053 million, down 39.5%.

Total cash from operating activities amounted to roughly $1,132 million in the fourth quarter, up from $728 million a year ago.

AEM’s FY24 Results

AEM’s full-year 2024 adjusted earnings of $4.24 per share were up from $2.24 a year ago. The company generated revenues of $8,285.7 million, up nearly 25% year over year.

AEM’s Outlook

For 2025, the company anticipates producing 3.3-3.5 million ounces of gold. AEM forecasts total cash costs per ounce in the range of $915 to $965 and AISC per ounce between $1,250 and $1,300. Excluding capitalized exploration, the projected capital expenditures for 2025 are between $1.75 billion and $1.95 billion.

AEM’s Stock Price Performance

Shares of Agnico Eagle have gained 116.1% in the past year compared with a 54.9% rise of the industry.

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AEM’s Zacks Rank & Key Picks

AEM currently carries a Zacks Rank #3 (Hold).

Better-ranked stocks worth a look in the basic materials space include ICL Group Ltd.  ICL, Nutrien Ltd. NTR and Ingevity Corporation NGVT.

ICL is slated to report fourth-quarter results on Feb. 26. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 6 cents. ICL beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 18.1%. ICL carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Nutrien is scheduled to release fourth-quarter results on Feb.19. The Zacks Consensus Estimate for NTR’s fourth-quarter earnings is pegged at 33 cents. NTR, a Zacks Rank #2 stock, has gained around 2% in the past year.

Ingevity is slated to report fourth-quarter results on Feb. 18, after market close. The consensus estimate for Ingevity’s fourth-quarter earnings is pegged at 12 cents. NGVT, carrying a Zacks Rank #1, beat the consensus estimate in three of the last four quarters while missing once, with the average earnings surprise being 95.4%. 

 

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