Agnico Eagle Mines Limited (AEM) reported adjusted earnings of $2.61 per share for the third quarter of 2026, exceeding the Zacks Consensus Estimate of $2.47 by 5.7%. The company's revenues rose 17.1% year over year to $3.58 billion, surpassing the Zacks Consensus Estimate of $3.55 billion by 0.9%. Higher realized gold prices supported earnings despite increased production costs.
Gold production declined 6.1% year over year to 814,012 ounces, primarily due to lower output from Canadian Malartic and Meadowbank. Total cash costs per ounce increased 19% year over year to $1,133, while realized gold prices averaged $4,264 per ounce, up 22.7% from $3,476 a year ago. All-in sustaining costs increased 23.8% to $1,648 per ounce, reflecting higher sustaining capital spending and reclamation-related costs.
Agnico Eagle ended the quarter with cash and cash equivalents of $3.61 billion, up $149 million sequentially. The company returned $478 million to shareholders through dividends and share repurchases. For full-year 2026, Agnico Eagle reaffirmed its guidance, expecting gold production near the lower end of its range of 3.3 million to 3.5 million ounces.
Shares of AEM have gained 1.8% over the past year, compared with a 6.1% rise in its industry. The company currently carries a Zacks Rank #4 (Sell). Other better-ranked stocks in the Basic Materials space include Reliance, Inc. (RS), Avino Silver & Gold Mines Ltd. (ASM), and Element Solutions Inc. (ESI).