05:31 PM EDT, 04/25/2024 (MT Newswires) -- Agnico Eagle Mines ( AEM ) was at last look up 2.2% and at a fresh 52-week high level in US after hours after digging out an earnings beat for the first quarter.

Agnico reported adjusted net income of US$377.5 million or US$0.76 per share, in the quarter, up 39% from US$271.3 million, or US$0.58, a year earlier and beating the consensus forecast of $0.60 as per Capital IQ. It also reported quarterly net income of US$347.2 million or US$0.70 per share, which also beat a consensus forecast of US$0.60 as per Capital IQ.

Among other highlights, cash provided by operating activities was US$1.57 per share (US$1.56 per share before changes in non-cash working capital balances) and free cash flow was US$0.79 per share (US$0.78 per share before changes in non-cash working capital balances).

On production, payable gold output in the first quarter of 2024 was 878,652 ounces at production costs per ounce of US$892, total cash costs per ounce of US$901 and all-in sustaining costs per ounce of US$1,190. It said gold production in the first quarter of 2024 was led by record quarterly production at Canadian Malartic and strong production from Macassa and the company's Nunavut operations.

Also, in the first quarter of 2024, the company increased its cash position by US$186 million and reduced net debt. In addition, in March 2024, Moody's upgraded the company's long-term issuer rating to Baa1 from Baa2.

"Building on a very strong close to 2023, we are reporting our second consecutive quarter of record operating margins and record free cash flow, on the back of solid operational and cost performance. With this strong start to the year, we are well positioned to achieve our production and cost guidance for 2024," said Ammar Al-Joundi, Agnico Eagle's Chief Executive Officer.

He added: "During the quarter, we continued to advance our key value drivers and project pipeline, and our exploration program yielded significant results at Hope Bay, Canadian Malartic and Detour Lake. We strengthened our balance sheet in the quarter and our focus remains on capital discipline and cost control, while investing in our projects pipeline and providing returns to shareholders."

The company's shares were last seen up US$1.20 to US$66.14 after hours. They closed up C$1.46 to C$88.72 on the Toronto Stock Exchange, a 52-week high.