Why Shares of Agnico Eagle Mines Are Slumping Today

Shares of Agnico Eagle Mines (NYSE: AEM) had declined by more than 12% by 11:30 a.m. EST on Friday. While the gold mining company reported better-than-expected fourth-quarter results, it issued disappointing production guidance for 2020.

Agnico Eagle Mines ended 2019 by producing higher-than-anticipated fourth-quarter results. The gold miner posted $0.37 per share of adjusted earnings during the period, which beat analysts' expectations by $0.02 per share. Driving that result was higher realized gold prices and record quarterly gold production of 494,678 ounces. That pushed its full-year total to a record 1.782 million ounces, slightly above its guidance range of 1.77 million to 1.78 million ounces. Because of those strong results, the company boosted its dividend by 14%.

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Source Fool.com