AEM 1Q11 Adjusted Results Below Consensus, Dahlman Rose Reports

Agnico-Eagle Mines Ltd.'s (NYSE: AEM) adjusted 1Q11 EPS came in at $0.45, “below consensus projection of $0.48/sh, but above the $0.14/sh obtained the same period a year ago,” Dahlman Rose reports.

“Operating cash flow was $171MM ($1.01/sh), up from $74.5MM,” Dahlman Rose writes. “Cash and cash equivalents at the end of the 1Q amounted to $114.8MM and together with anticipated cash flows and available bank lines management believes it is fully funded for projects in its current pipeline.

“Au production was 34% higher y/y and management expects Au production to be 20% higher in 2H11 over 1H11 helped by improved production at Pinos Altos and Kittila and the installation of a permanent secondary crusher at Meadowbank in 3Q11. Cash cost of $531/oz Au was higher than $441/oz in 1Q10 mainly due to issues at Meadowbank related to a fire at its kitchen facility.”

Agnico-Eagle Mines closed today at $66.45.