Agnico Eagle Mines Posts Loss In Q4 - Quick Facts

(RTTNews) - Agnico Eagle Mines Ltd. (AEM, AEM.TO) reported fourth-quarter net loss of $453.32 million or $2.61 per share, compared to a profit of $82.77 million or $0.48 per share last year.

Adjusted net income for the quarter was $44.2 million or $0.25 per share. On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.19 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues from mining operations totaled $437.24 million, down from $449.38 million last year. Analysts expected revenues of $394.30 million.

Payable gold production was 322,443 ounces compared to 236,535 ounces in the prior year quarter

Agnico Eagle's Board declared a quarterly cash dividend of $0.08 per common share, which is payable on March 17, 2014 to shareholders of record as of March 3, 2014.

The reduction in the quarterly dividend payment reflects current conditions in the gold market and management's decision to conserve cash for longer-term development and growth of its asset base. With the reduction in dividend payment, cash outflow will be reduced by about $20 million per quarter.

Looking ahead, the company expects production to sequentially increase to approximately 1.275 million ounces in 2016 .