Gold miner Agnico-Eagle's results beat estimates

Wed Feb 12, 2014 9:29pm EST
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Feb 12 (Reuters) - Agnico-Eagle Mines Ltd reported better-than-expected fourth-quarter results as total gold production increased about 36 percent.

The company reported a net loss of $453.3 million, or 2.61 cents per share, in the three months ended December compared with a profit of $82.8 million, or 48 cents per share, a year earlier.

Agnico-Eagle recorded a non-cash after tax impairment of $436.3 million during the quarter due to impairment tests at its mines.

Excluding items, adjusted net income for the quarter was $44.2 million, or 25 cents per share.

Revenue from mining operations fell to $437.2 million from $449.4 million a year earlier.

Analysts on average were expecting earnings of 19 cents per share on revenue of $394.3 million, according to Thomson Reuters I/B/E/S.