Canada's Agnico Eagle Q3 adjusted EPS beats on higher realized gold prices
AEM•Agnico Eagle reported Q3 adjusted EPS of $2.62, above the $2.61 analyst consensus, as higher realized gold prices lifted net income and adjusted EBITDA. Gold production fell year over year, and the company returned $478 million to shareholders.
1. Quarterly results
Agnico Eagle reported Q3 net income of $1.35 billion and adjusted EPS of $2.62, compared with analyst expectations of $2.61. The company said higher realized gold prices drove increased net income and adjusted EBITDA, while gold production fell year over year due to lower output at Canadian Malartic and Meadowbank.
2. 2026 outlook
The company expects 2026 gold production near the lower end of its 3.3 million to 3.5 million ounce range, with total cash costs per ounce and all-in sustaining costs per ounce near the upper end of guidance. Capital expenditures are expected to be $2.6 billion to $2.8 billion, with capitalized exploration of $290 million to $330 million.
3. Shareholder returns and costs
Agnico Eagle returned $478 million to shareholders through dividends and share repurchases in Q3. It said production costs rose mainly due to higher labor, diesel and royalty expenses, while higher development capital expenditures at Hope Bay, Odyssey and Detour Lake contributed to lower free cash flow.
