Research Desk Line-up: McEwen Mining Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 15, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Agnico Eagle Mines Ltd (NYSE: AEM) ("Agnico"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=AEM, following the Company's announcement of its third quarter fiscal 2017 earnings results on October 25, 2017. The Toronto, Canada-based Company's strong operating performance culminated into a record gold production and a strong cash flow generation. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Gold industry. Pro-TD has currently selected McEwen Mining Inc. (NYSE: MUX) for due-diligence and potential coverage as the Company announced on November 02, 2017, its consolidated financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on McEwen Mining when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on AEM; also brushing on MUX. With the links below you can directly download the report of your stock of interest free of charge at:
During Q3 FY17, Agnico reported revenues from mining operations of $580.01 million compared to $610.86 million in Q3 FY16. The Company's revenue numbers topped market expectations of $549.13 million.
The precious metal mining Company reported a net income of $70.96 million, or $0.30 per diluted share, in Q3 FY17 versus $49.39 million, or $0.22 per diluted share, in the prior year's comparable quarter. Excluding certain items, the Company's adjusted net income stood at $66.5 million, or $0.29 per share, for Q3 FY17, which came in above market forecasts of $0.17 per share.
In Q3 FY17, Agnico's production cost stood at $262.17 million compared to $277.37 million in the year ago same quarter. The Company's general and administrative expenses were $27.99 million in Q3 FY17 compared to $21.47 million in the year ago corresponding period. The Company's total operating margin stood at $317.84 million in Q3 FY17 versus $333.49 million in Q3 FY16. Furthermore, all-in sustaining costs (AISC) per ounce of gold produced was $789 in Q3 FY17 compared to $821 per ounce in Q3 FY16.
Agnico's payable gold production was 454,362 ounces in Q3 FY17, up from 416,187 ounces in Q3 FY16. Production costs per ounce of adjusted gold fell to $578 in Q3 FY17 from $666 per ounce in Q3 FY16. Additionally, the Company's total cash costs per ounce of gold produced were $546, which came in below $575 per ounce in Q3 FY16.
The Company's silver production was 1.27 million ounces during Q3 FY17 compared to 1.19 million ounces in Q3 FY16. Furthermore, silver realized price increased to $16.92 per ounce in Q3 FY17 from $19.52 per ounce in Q3 FY16.
During Q3 FY17, zinc production volume was 1,771 tons versus 1,010 tons in the prior year's comparable quarter. Moreover, zinc realized price came in at 2,780 per ton for the reported quarter compared to 2,170 per ton in Q3 FY16.
Copper production volume was 1,056 tons during Q3 FY17 compared to 1,177 tons in Q3 FY16. The Company's copper realized price was 6,412 per ton for Q3 FY17 compared to 4,819 per ton in the last year's same quarter.
Cash Flow and Balance Sheet
In the three months ended September 30, 2017, net cash generated by operating activities was $194.07 million versus $282.86 million the prior year's corresponding quarter. Furthermore, total capital expenditure was $276.78 million during the reported quarter.
As on September 30, 2017, cash and cash equivalents balance stood at $855.47 million compared to $539.97 million as on December 31, 2016. Additionally, long-term debt balance was $1.37 billion as on September 30, 2017, compared to $1.07 billion as on December 31, 2016.
In its earnings press release, Agnico's Board of Directors raised the dividend by 10% to $0.11 per common share, payable on December 15, 2017, to shareholders of record as of December 01, 2017. Moreover, the Company has declared a cash dividend every year since 1983.
In its guidance for the full year FY17, Agnico raised gold production outlook to be above 1.68 million ounces from the previously provided guidance of 1.62 million ounces. Total cash costs per ounce is now expected to be in the range of $570 per ounce to $600 per ounce. Furthermore, AISC is now forecasted to lie between $820 per ounce and $870 per ounce.
Agnico Eagle Mines' share price finished yesterday's trading session at $45.40, marginally advancing 0.73%. A total volume of 1.23 million shares have exchanged hands. The Company's stock price advanced 8.04% in the previous twelve months. Additionally, the stock gained 8.10% since the start of the year. Shares of the Company have a PE ratio of 38.64 and have a dividend yield of 0.97%. The stock currently has a market cap of $10.62 billion.
Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email email@example.com. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Phone number: (917) 341.4653
Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Pro-Trader Daily