Agnico Eagle Mines - Showing its metal in Q3
Relative to the prior quarter (Q220), Agnico Eagle Mines’ (AEM) production in Q3 increased by 48.8% to 492.7oz and its adjusted net income by 111.4%. While this may seem impressive enough, adjusted net income actually increased by 327.0%, to 78.1c/share, as the company leveraged a 76.0% quarterly increase in revenues against a 47.2% increase in production costs to result in an 8.2pp uplift in gross margins. AEM also benefited from a relatively low effective tax rate of 33.1% in Q3. As a consequence of both its performance in Q3 and the expectation of a similar one in Q4, the company increased its quarterly dividend by 75%, from 20c/share to 35c/share.Agnico-Eagle Mines is a gold mining company with mining operations in Canada, Mexico and Finland. Co. earns a proportion of its revenues from the production and sale of gold in both dore bar and concentrate form. The remainder of revenue and cash flow is generated by the production and sale of byproduct metals. The revenue from byproduct metals is mainly generated by production at the LaRonde mine in Canada (silver, zinc, copper and lead) and the Pinos Altos mine in Mexico (silver).
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