Mariya Gordeyeva/Reuters
A trio of leading Canadian gold producers have reported contrasting results.
Agnico Eagle Mines Ltd. exceeded analysts' expectations and said it was on pace for robust growth over the next few years.
Barrick Gold Corp. also reported some strong numbers and said it was on track with its ambitious debt-reduction plan.
However, Goldcorp Inc. fell short of expectations, although it did brighten the picture by reporting a modest increase in proven and probable gold mineral reserves.
All three companies have seen their stocks gain ground this year as investors have rediscovered the allure of gold.
Barrick shares have more than doubled since January, while Agnico Eagle stock has surged by more than 75 per cent.
Goldcorp has been the laggard. Despite a strongly rising gold price, its shares have gained only 28 per cent so far this year because of a series of operational issues at various of its mines.
The differences among the three miners were on display as each reported third-quarter earnings after markets closed on Wednesday.
Toronto-based Agnico Eagle said it made $49.4-million (U.S.), or 22 cents per share, in net income during the quarter. That was well ahead of analysts' expectations for net income of 18 cents a share.
Revenue of $610.8-million was also substantially above forecasts for $555.7-million.
During the quarter, the company reported strong drilling results from its Whale Tail deposit in Nunavaut and at the Sisar Central Zone in Finland.
"We now expect to exceed the upper end of our 2016 production guidance of 1.6 million ounces," Agnico Eagle chief executive Sean Boyd said in a press release.
He added that the strong operating performance during the quarter supports the miner's plan to grow annual production to around two million ounces in 2020.
For its part, Barrick announced on Wednesday that it made $175-million, or 15 cents a share, in the third quarter. That fell short of analysts' expectations for net earnings of 21 cents a share.
However, the Toronto-based miner beat analyst's expectations for revenue. Its sales of $2.3-billion were ahead of consensus forecasts for $2.2-billion.
Barrick also surpassed expectations in regards to adjusted net earnings, an in-house measure of profitability. Using that non-standard methodology, it made $278-million, or 24 cents a share, during the quarter, compared to analysts' forecasts of 20 cents a share.
The miner said it was on track to meet its ambitious target for reducing debt by $2-billion this year. It reduced its total debt by $461-million during the quarter.
Its long-term debt now stands at $8.4-billion, a dramatic drop from $11.5-billion a year earlier.
At Goldcorp, meanwhile, net earnings of $59-million, or 7 cents a share, missed analysts' forecasts for 11 cents a share in earnings.
However, revenue of $1.15-billion during the quarter was slightly ahead of forecasts for $1.05-billion.
The Vancouver-based company also said its proven and probable gold mineral reserves had increased by 4 per cent, to 42.3 million ounces, in large part of its recently acquired Coffee project in the Yukon.