UPDATE: Agnico Eagle Mines (AEM) Misses Q4 EPS by 1c, Revenues Miss
Agnico Eagle Mines (NYSE: AEM) reported Q4 EPS of $0.37, $0.01 worse than the analyst estimate of $0.38. Revenue for the quarter came in at $753.1 million versus the consensus estimate of $785.09 million.
"With two new mines coming into production in Nunavut, 2019 was a pivotal year for the Company. We set new records for both annual gold production and cash provided by operating activities. Despite setting these production and cash flow records, the production ramp up in Nunavut has been slower than expected, which has resulted in higher than anticipated costs in the fourth quarter of 2019 and slight revisions to our 2020 production guidance," said Sean Boyd, Agnico Eagle's Chief Executive Officer. "In 2020, we have put plans in place to improve productivity and optimize the operations as they continue to ramp up and we expect quarterly production growth and lower costs as we move through the year. We remain confident in our business with 18% production growth forecast through 2022 and our confidence is demonstrated with a further 14% increase in our quarterly dividend," added Mr. Boyd.
For earnings history and earnings-related data on Agnico Eagle Mines (AEM) click here.