Agnico Eagle Posts US$966.3 Million In Revenue For Q2 2021

Agnico Eagle Mines Limited (TSX: AEM) released today its second quarter 2021 financial results, which saw the company post US$966.3 million in revenue. This is an increase from and from Q2 2020’s revenue of US$557.2 million.

The company produced 526,006 gold ounces for the quarter with all-in sustaining costs of US$1,037 per ounce, up from 331,064 ounces last year with AISC of US$1,192 per ounce. The firm also sold 521,743 gold ounces this quarter compared to 315,014 ounces last year. The increase is partly due to the repurchase of the Hope Bay mine royalty earlier this year.

The net income for the quarter came in at US$189.6 million, an increase from last year’s US$105.3 million. This quarter’s net income translates to US$0.77 earnings per diluted share.

Agnico Eagle ended the quarter with a cash and cash equivalents balance of US$277.7 million compared to last year’s US$329.6 million. Cash provided by operating activities at the end of the quarter totaled US$406.9 million, up from last year’s US$162.6 million.

The senior mining firm is confident that it is on track to meet its production guidance of 2,047,500 ounces for the year. To date, it has produced 1,042,810 gold ounces for 2021.

Agnico Eagle Mines last traded at $77.37 on the TSX.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.