April 28, 2011 / 8:53 PM / 6 years ago

UPDATE 2-Agnico profit doubles on higher production, prices

* Q1 EPS $0.27 vs yr-ago $0.14

* Adjusted EPS $0.45 vs Street view $0.48

* Production up 34 pct of Q1 2010

* Sees 20 pct production increase in H2 2011 (In U.S. dollars unless noted)

TORONTO, April 28 (Reuters) - Agnico-Eagle’s (AEM.TO) first-quarter profit more than doubled on a 34 percent increase in gold output, despite a fire that crippled production at a mine in the Canadian Arctic, the company said on Thursday.

Agnico earned $45.3 million, or 27 cents a share, up from a year-earlier $22.3 million, or 14 cents a share.

When adjusted to remove foreign currency losses, stock option expenses and one-time expenses, as well as a small one-time gain, earnings were $76.5 million, or 45 cents a share.

Analysts had expected, on average, adjusted earnings of 48 cents a share, according to Thomson Reuters I/B/E/S.

Revenue was boosted by soaring bullion prices, rising to $412.1 million from $237.6 million in the year ago period.

Agnico said it expects to have all its mines operating at a steady state by the second half of 2011, which will increase production for the last two quarters by about 20 percent.

Last month, Agnico cut its outlook for the year after a fire at its Meadowbank mine in the northern Canadian territory of Nunavut destroyed a kitchen and crippled the mine’s staffing levels.

The company produced 252,362 ounces of payable gold in the first quarter of 2011, compared with 188,232 ounces in 2010. (Reporting by Julie Gordon; editing by Rob Wilson)

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