Agnico-Eagle turns in a profit in fourth quarter

Wed Feb 13, 2013 6:46pm EST
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TORONTO Feb 13 (Reuters) - Canada's Agnico-Eagle Mines Ltd posted a profit on Wednesday, a year after it posted a fourth-quarter loss on the partial writedown of the value of its Meadowbank mine in the Canadian Arctic.

The miner also said produced a record 1 million ounces of gold output in 2012 and set its 2013 forecast at 970,000 ounces to 1 million ounces.

Agnico reported a profit of $82.8 million, or 48 cents a share, in the quarter ended Dec. 31. That compared with a loss of $601.4 million, or $3.53 a share, in the year-ago period.

Excluding one-time items, the company reported a profit of $69.9 million, or 41 cents a share in the quarter. Analysts, on average, had expected earnings of 44 cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose 4 percent to $466.8 million.