23 October 2019
Agnico Eagle Mines Limited today reported quarterly net income of $76.7 million, or $0.32 per share, for the third quarter of 2019. This result includes non-cash foreign currency translation losses on deferred tax liabilities and non-recurring tax adjustments of $8.3 million ($0.04 per share), derivative losses on financial instruments, mark-to-market and other adjustments of $3.8 million ($0.02 per share) and non-cash foreign currency translation gains of $1.3 million ($0.01 per share). Excluding these items would result in adjusted net income1 of $87.5 million or $0.37 per share for the third quarter of 2019. In the third quarter of 2018, the Company reported net income of $17.1 million or $0.07 per share.
Included in the third quarter of 2019 net income, and not adjusted above, is non-cash stock option expense of $3.4 million ($0.01 per share).
In the first nine months of 2019, the Company reported net income of $141.5 million, or $0.60 per share. This compares with the first nine months of 2018, when net income was $67.0 million, or $0.29 per share.
In the third quarter of 2019, cash provided by operating activities was a record $349.2 million ($275.3 million before changes in non-cash components of working capital), as compared to the third quarter of 2018 when cash provided by operating activities was $137.6 million ($155.0 million before changes in non-cash components of working capital).
In the first nine months of 2019, cash provided by operating activities was $624.2 million ($603.5 million before changes in non-cash components of working capital), as compared to the first nine months of 2018 when cash provided by operating activities was $465.4 million ($495.1 million before changes in non-cash components of working capital).