Canada's Agnico Eagle Q2 net income rises on higher gold prices
Canada's Agnico Eagle Q2 net income rises on higher gold prices
Overview
Canada gold miner's Q2 net income and adjusted net income rose yr/yr on higher gold prices
Gold production fell yr/yr, mainly due to lower output at Canadian Malartic
Company returned record $625 mln to shareholders via dividends and share repurchases in Q2
Outlook
Agnico Eagle expects 2026 gold production near lower end of 3.3-3.5 mln oz range
Company maintains 2026 total cash costs guidance at $1,020-$1,120/oz, AISC at $1,400-$1,550/oz
Agnico Eagle raises 2026 capital expenditure forecast to $2.6-$2.8 bln due to Hope Bay construction
Result Drivers
HIGHER GOLD PRICES - Co said increased realized gold prices drove higher margins and net income in Q2
LOWER PRODUCTION - Gold output fell yr/yr, mainly due to lower throughput and grade at Canadian Malartic, partially offset by higher production at Detour Lake and Kittila
COST PRESSURES - Production costs per ounce rose due to higher labor, royalty and energy costs, as well as lower production
Company press release: ID:nPn9j320ya
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Adjusted Net Income |
| $1.54 bln |
|
Q2 Net Income |
| $1.60 bln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the gold peer group is "buy"
Wall Street's median 12-month price target for Agnico Eagle Mines Ltd is C$350.00, about 72.5% above its July 28 closing price of C$202.91
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 15 three months ago
Reuters Recommended Reads
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)