26 July 2017
Agnico Eagle Mines Limited today reported quarterly net income of $61.9 million, or $0.27 per share, for the second quarter of 2017. This result includes non-cash foreign currency translation gains on deferred tax liabilities of $12.1 million ($0.05 per share), various mark-to-market and other adjustment losses of $10.3 million ($0.04 per share), unrealized gains on financial instruments of $7.9 million ($0.03 per share) and non-cash foreign currency translation losses of $2.7 million ($0.01 per share). Excluding these items would result in adjusted net income1 of $54.9 million or $0.24 per share for the second quarter of 2017. In the second quarter of 2016, the company reported net income of $19.0 million or $0.09 per share. For the first six months of 2017, the company reported net income of $137.8 million, or $0.60 per share. This compares with the first six months of 2016 when net income was $46.8 million, or $0.21 per share. Financial results in the 2017 period were positively affected by higher gold sales volumes and realized prices (approximately 6% and 1% higher, respectively) and lower depreciation expense.