Agnico Eagle Mines (NYSE: AEM) reported Q1 EPS of $0.23, $0.05 better than the analyst estimate of $0.18. Revenue for the quarter came in at $671.88 million versus the consensus estimate of $652.5 million.

• Reported a quarterly net loss of $21.6 million, or net loss of $0.09 per share, for the first quarter of 2020.
• This result includes non-cash foreign currency translation losses on deferred tax liabilities of $44.2 million ($0.18 per share), mark-to-market derivative losses on financial instruments of $22.1 million ($0.09 per share), non-cash foreign currency translation losses of $3.8 million ($0.02 per share), costs relating to the temporary suspension of operations of $2.3 million ($0.01 per share) and various other adjustments of $5.2 million($0.02 per share).
• Excluding these items would result in adjusted net income1 of $56.0 million or $0.23 per share for the first quarter of 2020.
• For the first quarter of 2019, the Company reported net income of $37.0 million or $0.16 per share.

"The first quarter of 2020 was challenging given the global COVID-19 pandemic and its impact on our gold production and unit costs in March as operations were reduced to minimum activities at all five of our Canadian mines. Throughout this crisis the health, safety and well-being of all our employees and the communities that we operate in have been our top priority and remain a key focus as we have begun to carefully restart and ramp up our Canadian operations", said Sean Boyd, Agnico Eagle's Chief Executive Officer. "Furthermore, despite the temporary shutdowns required to manage COVID-19, substantial progress was made in the first quarter at our LaRonde, Meliadine and Amaruq operations. As a result, we expect to have a strong second half this year with quarterly gold production expected to return to levels similar to the fourth quarter of 2019. Given the strong gold price and much weaker local currency environment than budgeted, we anticipate generating significant free cash flow in the second half of 2020. In addition, our dividend has remained unchanged and we declared a quarterly dividend of $0.20 per share", added Mr. Boyd.

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