Gold production was up, but profits were down for Agnico Eagle this summer, according to third quarter results released Wednesday.

The company's net income from July to September was $47 million, less than half of what it was last year over the same period.

The company blames lower metal prices.

At the same time, Agnico Eagle says gold production was at a record high this last quarter and the Meadowbank mine near Baker Lake, Nunavut, has been a big part of that.

CEO Sean Boyd heaped praise on Meadowbank in a conference call with investors Thursday morning.

He said the mine's "outstanding performance" has boosted the company's overall production.

"So that team has done an extremely good job of managing that deposit," he said. "They've actually put themselves in a position  because of some good thinking, changing the mining plan  to basically take advantage of some good grade."

The company says it has increased its overall production forecast for the year.