Agnico-Eagle Beats on Top and Bottom Lines (AEM)

Agnico-Eagle Mines Ltd. AEM reports Q2 earnings of $0.63 versus estimates of $0.39. Agnico-Eagle Mines Ltd. reports Q2 revenues of $353.9 million versus estimates of $342.01 million. The company said the Q2 gold output was a record, at 257,728 oz. The average Q2 total cash cost per oz of gold was $487. The company reiterates their expectation for 2010 gold output at 1.1 million oz. "Our record quarterly financial results were driven by record gold production as all six of our mines operated throughout the quarter for the first time. Four of the mines are now operating at steady state with the other two in the late stages of optimization," said Sean Boyd, Vice-Chairman and Chief Executive Officer. "Further increases in gold production and lower cash operating costs are expected in the second half of 2010 as we continue to optimize all our mines and focus on driving down the unit costs at our Kittila and Meadowbank mines," added Mr. Boyd. Shares of AEM are trading slightly lower in the after-hours.