Strong Cash Flow, Strong Balance Sheet
Agnico Eagle delivered solid numbers, generating $1.35B in net income ($2.67/share) and $852M in free cash flow at gold prices of $4,264/oz.
Despite gold consolidating since earlier this year, lower production (814k oz) and higher costs, cash generation remains strong. AISC came in at $1,648/oz, with full-year guidance intact.
The balance sheet is rock-solid, with $3.4B+ in net cash. A $0.45/share dividend and $250M in buybacks returned $478M to shareholders — 56% of quarterly FCF.
My takeaway: $AEM keeps generating serious cash, strengthening its balance sheet, and rewarding shareholders, even without another leg up in gold. Should we see Gold above $5,000 again next year this stock is going to rock imo. I am stacking more every week.