Agnico-Eagle Mines, the world’s third-largest gold producer, beat first-quarter earnings expectations and reported a revenue increase of 13.9% year-over-year to $1.51 billion. The Canadian miner reported an 87% increase in earnings, with adjusted earnings of 58 cents per share, beating the S&P Capital IQ consensus of 49 cents. CEO Ammar Al-Joundi cited strong operational results and favorable currency movements for better-than-expected costs, adding that expected payable gold production for 2023 remains unchanged.
The stock rose about 1% in extended trading Thursday evening, joining the IBD Big Cap 20, while forming a large cup-with-handle base with a 59.63 buy point. Gold prices remain a factor in the stock’s performance, trading around $2,000 an ounce on Thursday.
