Why Is Agnico (AEM) Up 6.4% Since Last Earnings Report?

It has been about a month since the last earnings report for Agnico Eagle Mines (AEM). Shares have added about 6.4% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Agnico due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

Agnico Eagle's Q3 Earnings Beat Estimates on High Gold Prices

Agnico Eagle reported adjusted earnings of $2.16 per share for the third quarter of 2025, up from $1.14 in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of $1.76.

The company generated revenues of $3,059.5 million, up nearly 41.9% year over year. The top line surpassed the Zacks Consensus Estimate of $2,727.2 million.

Operational Highlights

Payable gold production was 866,963 ounces in the reported quarter, up from 863,445 ounces in the prior-year quarter. The figure surpassed our estimate of 839,898 ounces.

Total cash costs per ounce for gold were $994, up from $921 a year ago. It topped our estimate of $948.

Realized gold prices were $3,476 per ounce in the quarter, up from $2,492 a year ago. It outpaced our estimate of $3,290.

AISC was $1,373 per ounce in the quarter compared with $1,286 per ounce a year ago. It beat our estimate of $1,309.

Financial Position

The company ended the quarter with cash and cash equivalents of $2,355 million, up 51.2% sequentially. Long-term debt was around $196 million.

Total cash from operating activities amounted to $1,816 million in the third quarter, up from $1,085 million a year ago.

Outlook

For full-year 2025, the company maintains gold production expectations between 3.3 million and 3.5 million ounces. Total cash costs per ounce are projected between $915 and $965, while AISC is forecast in the range of $1,250 to $1,300 per ounce. If gold prices remain higher through 2025, total cash costs per ounce and AISC per ounce are expected to trend toward the top end.

Exploration and corporate development expenses are expected to be between $215 million and $235 million, with a midpoint of $225 million. Depreciation and amortization expenses are forecasted to be $1.55-$1.75 billion, averaging $1.65 billion. The company anticipates general and administrative expenses to be in the $190 million to $210 million range, with other costs projected between $105 million and $115 million.

The effective tax rate for 2025 is expected to be between 33% and 38%, with cash taxes estimated in the range of $1.1 billion to $1.2 billion. The company also plans capital expenditures (excluding capitalized exploration) of $1.75 billion to $1.95 billion, and capitalized exploration spending is forecasted between $290 million and $310 million.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in fresh estimates.

The consensus estimate has shifted 19.76% due to these changes.

VGM Scores

Currently, Agnico has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Charting a somewhat similar path, the stock was allocated a score of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Agnico has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry Player

Agnico belongs to the Zacks Mining - Gold industry. Another stock from the same industry, Newmont Corporation (NEM), has gained 10% over the past month. More than a month has passed since the company reported results for the quarter ended September 2025.

Newmont reported revenues of $5.52 billion in the last reported quarter, representing a year-over-year change of +20%. EPS of $1.71 for the same period compares with $0.81 a year ago.

For the current quarter, Newmont is expected to post earnings of $1.51 per share, indicating a change of +7.9% from the year-ago quarter. The Zacks Consensus Estimate has changed +2.4% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #1 (Strong Buy) for Newmont. Also, the stock has a VGM Score of C.

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This article originally published on Zacks Investment Research (zacks.com).

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