13 February 2020
News Release, February 13, 2020
TORONTO, Feb. 13, 2020 /CNW/ - Agnico Eagle Mines Limited (NYSE:AEM,TSX:AEM) ("Agnico Eagle" or the "Company") today reported quarterly net income of $331.7 million, or net income of $1.39 per share, for the fourth quarter of 2019. This result includes an impairment reversal (net of tax) relating to the Meliadine mine of $223.4 million ($0.93 per share), non-cash foreign currency translation gains on deferred tax liabilities and non-recurring tax adjustments of $10.6 million ($0.05 per share), mark-to-market gains and other adjustments of $7.2 million ($0.03 per share) and derivative gains on financial instruments of $3.1 million ($0.01 per share). Excluding these items would result in adjusted net income1 of $87.4 million or $0.37 per share for the fourth quarter of 2019. For the fourth quarter of 2018, the Company reported a net loss of $393.7 million or a loss of $1.68 per share.
Included in the fourth quarter of 2019 net income, and not adjusted above, is a non-cash stock option expense of $3.2 million ($0.01 per share).
For the full year 2019, the Company reported net income of $473.2 million, or $2.00 per share. This compares with the full year 2018, when the company reported a net loss of $326.7 million, or loss of $1.40 per share.
In the fourth quarter of 2019, cash provided by operating activities was $257.5 million ($263.8 million before changes in non-cash components of working capital), as compared with the fourth quarter of 2018 when cash provided by operating activities was $140.3 million ($150.4 million before changes in non-cash components of working capital).
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