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Jul 29, 2020

Agnico Eagle posts revenue of US$557.2 million in second quarter

Watch for gold to reach US$2,500: Agnico Eagle CEO

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Agnico Eagle Mines Ltd. on Wednesday reported second-quarter net income of US$105.3 million.

On a per-share basis, the Toronto-based company said it had net income of 43 cents US. Earnings, adjusted for non-recurring gains, were 18 cents US per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 17 cents US per share.

The gold mining company posted revenue of US$557.2 million in the period.

Agnico shares have increased 19 per cent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit US$73.29, a rise of 35 per cent in the last 12 months.