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Since October 2023, the spot price of gold is up about 75%. That outperformed most stocks at that time.
The upside in the bottom line of AEM is mainly driven by record-high operating margins resulting from higher realized gold prices and reduced production costs.
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Agnico Eagle Mines Ltd (TSX:AEM) nearly doubled its first-quarter profit, beating analyst expectations as the Canadian gold miner posted strong production and lower operating costs. Adjusted net income rose to $1.53 per diluted share in the quarter ended March 31, up from $0.76 a year earlier and ahead of the $1.38 average estimate from analysts polled by FactSet.
Canadian mining company Agnico Eagle Mines Limited (AEM) starts the year strongly.
Agnico Eagle Mines (AEM) came out with quarterly earnings of $1.53 per share, beating the Zacks Consensus Estimate of $1.39 per share. This compares to earnings of $0.76 per share a year ago.
Agnico Eagle Mines Limited AEM and Kinross Gold Corporation KGC are two prominent players in the gold mining space with global operations. With gold prices soaring to unprecedented levels, driven by global economic uncertainties and trade tensions, comparing these two major gold producers is particularly relevant for investors seeking exposure to the precious metals sector.
AEM's first-quarter results are expected to reflect the benefits of higher gold prices and strong production.
Agnico Eagle's disciplined approach to M&A and exploration success has led to consistent reserve growth and far superior per share growth to peers, making it a standout in the sector. 2024 provided more evidence of this execution with Agnico Eagle ending the year with ~54 million ounces of reserves, a record, and over 133 million ounces of total mineral inventory. In this update, we'll dig into the year-end reserve/resource update, recent developments and why it's the premier way to get leverage on the gold price.
Gold has been on a historic bull run so far this year, and it may be unlike anything we've seen before.
Agnico (AEM) possesses solid growth attributes, which could help it handily outperform the market.