TORONTO (miningweekly.com) – Canadian gold producer Agnico Eagle Mines is back in the black after reporting a profit for the quarter ended September, as strong production helped offset weaker metal prices.

The Toronto-based miner reported a profit of $1.3-million, or $0.01 a share, after market close on Wednesday, compared with a net loss of $15.1-million, or $0.07 a share, a year earlier.

Excluding special items, the miner’s adjusted earnings came in at $39.2-million, or $0.18 a share, beating the average analyst forecast of $0.02 a share by a wide margin.

Revenues rose 10% year-on-year to $508.8-million, derived from the sale of 436 860 oz, which represented a 25% increase.

Agnico reported strong performance at its Abitibi operations, which drove record quarterly gold output and low costs. Payable gold output in the period was 441 124 oz of gold, at all-in sustaining costs (AISC) on a by-product basis of $759/oz. The lower AISC was mainly owing to the 20% higher output, lower cash costs an ounce on a by-product basis and a decline in general and administrative expenditure and capital expenditure.

The company’s Canadian Malartic operation also set two new production records, for average tonnes processed each calendar day (53 703 t on a 100% basis) and ounces of gold produced in a quarter (153 206 oz on a 100% basis).

Agnico lifted its full-year 2015 guidance and reduced its cost forecast. It now expected gold output to be about 1.65-million ounces, up from previous guidance of 1.6-million ounces, with an AISC of about $840/oz to $860/oz, down from $870/oz to $890/oz.

The company also reported strong exploration results at Kittila, in Finland, Amaruq, in Nunavut, and El Barqueno, in Mexico, prompting it to increase capital allocation in the second half of the year for further work. This move was in stark contrast with other miners who were clamping down on their expenditure to strengthen and protect their fragile balance sheets.

Despite volatile trading since the start of the year, Agnico’s NYSE-listed stock had gained nearly 3% since January and was quoted on Thursday at $28.15 apiece, bucking the negative trend of its peers as the gold price slipped nearly 2.5% to $1 147/oz.