Canadian resource companies posted mixed third-quarter results, with stronger earnings at several gold miners and improving cash flow at First Quantum Minerals offset by rising costs, working-capital pressures and uneven production. Agnico Eagle Mines beat earnings expectations with adjusted EPS of $2.61 and adjusted EBITDA of $2.466 billion, but free cash flow of $852 million fell short of estimates after a working-capital outflow. Kinross Gold beat EPS expectations with adjusted earnings of 50 cents per share, but its free cash flow missed forecasts, and it repurchased $230 million of shares during the quarter and another $100 million in October. Eldorado Gold lowered production guidance and raised its cost and capital spending expectations, with third-quarter gold output of 106,000 ounces below estimates and delays to commercial production at Skouries and McIlvenna Bay. The article concludes that operational execution and cost management will be crucial to sustaining earnings and cash generation.
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