Q: Good morning, Please comment on the last 1/4 Earnings report. It appears that AEM is the best of all the miners but its still trading at 2016 prices , with the lowest AISC and minimal debt and excellent takeovers the last few yrs.
Thanks,
George
Thanks,
George
5i Research Answer:
We agree it still looks the best of a tough sector. EPS of 57c beat estimates of 47c. Revenue of $1.75B beat estimates of $1.70B. EBITDA of $842.5M also beat by 2%. Profit rose 62% on record gold production. It did have a net accounting loss on restructuring charges. Revenue rose 27% with gold sales up 11% and average prices up 15%. All-in costs dropped slightly to $1,277/oz. Guidance calls for production of 3.45M ounces this year. It was a good quarter and a decent 'beat'.