UPDATE 1-Agnico Eagle quarterly adjusted earnings beat market

Wed Feb 11, 2015 5:54pm EST
 
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(Recasts with market expectations, other details)

Feb 11 (Reuters) - Agnico Eagle Mines Ltd reported higher-than-expected adjusted earnings in the fourth quarter boosted by increased production.

The Toronto-based gold miner said earnings adjusted for various non-recurring items were $16.6 million, or 8 cents a share, in the three months to end-December.

That was ahead of the 5 cents a share that analysts were expecting, according to Thomson Reuters I/B/E/S.

Agnico, which has mines in Canada, Mexico and Finland, said it produced 387,538 ounces of gold in the fourth quarter, up from 322,443 ounces in the comparable quarter in 2013. For full year 2014, payable gold production was 1.4 million ounces.

Agnico repeated that it expects to produce around 1.6 million ounces of gold in 2015 at an all-in sustaining cost of approximately $880 to $900 per ounce.

On a net basis before adjusting for non-cash items, including foreign currency translation losses, mark-to-market adjustment losses and stock option expenses, the company reported a fourth-quarter net loss of $21.3 million, or 10 cents a share.

That compared with a loss of $780.3 million, or $4.49 a share, in the same period the year before when Agnico took a number of write-downs at some of its mines. (Reporting by Nicole Mordant in Vancouver; Editing by Diane Craft)