Agnico-Eagle Mines Limited (AEM: Quote, AEM.TO) reported first-quarter net income of $78.5 million, or $0.46 per share, up from $45.3 million, or $0.26 per share in the year ago quarter.
The latest quarter result included a non-recurring tax benefit of $9.2 million, or $0.05 per share, non-cash foreign currency translation loss of $15.5 million, or $0.09 per share and stock option expense of $11.8 million, or $0.07 per share, and other non-recurring expense of $4.8 million or $0.03 per share.
Excluding these items, adjusted net income for the latest-quarter was $101.4 million, or $0.59 per share.
Revenues from mining operations increased to $472.93 million from $412.07 million in the year ago quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share on revenues of $438.97 million for the quarter. Analysts' estimates typically exclude special items.
Agnico-Eagle reiterated its production and cost guidance for 2012, which remains unchanged at 875,000 to 950,000 ounces of gold at total cash costs per ounce of $690 to $750.
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by RTT Staff Writer
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