Shares of Agnico-Eagle Mines Ltd. (TSX: T.AEM, Stock Forum) (NYSE: AEM, Stock Forum) were down 5% Friday after the company reported a sharp drop in its first-quarter profits, compared with a year ago due to lower gold prices and higher costs.
The Toronto-based gold miner reported a net profit of $23.9 million or 14 cents a share in the first quarter of 2013, down from $78.5 million or 46 cents per share a year earlier.
Agnico said first quarter 2013 production and costs were in line with expectations.
Company officials were scheduled to discuss the company’s 2013 financial results during a conference call with analysts, Friday, (9:00 a.m.), April 26, the company said in a press release.
Agnico’s production guidance for 2013 remains unchanged at between 970,000 and just over one million ounces of gold. Payable gold production in the first quarter was 236,975 ounces, compared to 254,955 ounces a year earlier.
The financial results were released after the close of trading Thursday. On Friday, the stock was down 4.7% to 32.08, leaving a market cap of $5.5 billion, based on 172.7 million shares outstanding. The 52-week range is $56.99 and $31.59.