Agnico profit up on record gold output

Wed Oct 24, 2012 5:41pm EDT
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Oct 24 (Reuters) - Agnico-Eagle Mines Ltd reported a quarterly profit on record gold production on Wednesday and boosted its output forecast for the year by 5 percent.

The gold miner's earnings rose to $106.3 million, or 62 cents a share, in the quarter ended Sept 30. That compared with a loss of $81.6 million, or 48 cents a share, in the year-earlier period, when a charge related to the write-off of its Goldex mine in Quebec weighed on results.

Excluding one-time items, net income was $131.5 million, or $0.77 per share. The year-ago adjusted net income was $101.9 million, or $0.60 per share.

Revenue rose 3 percent to $537.8 million, as the miner produced a record 286,971 ounces of gold in the quarter.

Agnico said it now expects to produce some 1.03 million ounces of gold in 2012, up from a previous estimate of 975,000 ounces.