Friday, October 25, 2013 1:22:08 AM
TORONTO • Agnico Eagle Mines Ltd. kicked off the third-quarter "gold earnings season" ??? with a strong result that sets a positive tone for the rest of the sector.
The Toronto-based miner’s adjusted earnings came in at US$60.5-million, or US35¢ a share, which was well above the highest analyst estimates. Agnico also boosted its full-year production guidance and announced deeper cost cuts.
The stock jumped more than 15% in early trading on Thursday.
“We had some pretty solid production across the board,” chief executive Sean Boyd said in an interview, adding the company has said for months that the second half of 2013 would be stronger than the first half.
The results show gold companies can thrive in a weaker gold price environment, a major concern for investors over the past several months.
The Toronto-based miner’s adjusted earnings came in at US$60.5-million, or US35¢ a share, which was well above the highest analyst estimates. Agnico also boosted its full-year production guidance and announced deeper cost cuts.
The stock jumped more than 15% in early trading on Thursday.
“We had some pretty solid production across the board,” chief executive Sean Boyd said in an interview, adding the company has said for months that the second half of 2013 would be stronger than the first half.
The results show gold companies can thrive in a weaker gold price environment, a major concern for investors over the past several months.
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