Summary by Moomoo AI
Agnico Eagle reported strong Q2 2024 results with net income of $472.0 million ($0.95 per share), up from $323.7 million in Q2 2023. Record quarterly gold production reached 895,838 ounces, a 2.6% increase year-over-year, driven by higher output at Meadowbank and Macassa.Operating margin increased 33.8% to $1.30 billion on higher realized gold prices averaging $2,342 per ounce and increased sales volumes. Cash flow from operations rose to $961.3 million from $722.0 million last year. Total cash costs were $870 per ounce on a by-product basis.The company maintained a strong financial position with available liquidity of $1.98 billion. Key developments included a new $2.0 billion credit facility and approval of $300 million in strategic investments at Detour Lake Underground and Upper Beaver projects. The quarterly dividend was maintained at $0.40 per share.
