Tags: goldcorp | gold | earns

Goldcorp Profit Tops Analysts’ Estimates as Gold Prices Climb

Wednesday, 15 Feb 2012 06:55 PM

Goldcorp Inc., the second-largest gold producer by market value, reported fourth-quarter profit that topped analysts’ estimates as gold prices increased.

Net income fell 28 percent to $405 million, or 39 cents a share, from $560 million, or 75 cents, a year earlier, the Vancouver-based company said Wednesday in a statement. Profit excluding one-time items was 66 cents a share, the company said. That was more than the 60-cent average of 16 analysts’ estimates compiled by Bloomberg. Sales climbed 15 percent to $1.52 billion from $1.32 billion.

Goldcorp, led by Chief Executive Officer Chuck Jeannes, plans to boost annual production by about 70 percent in the next five years to 4.2 million ounces, the company said Jan. 9. Gold climbed 10 percent in 2011, an 11th consecutive annual gain, as investors sought to diversify from equities and some currencies.

Goldcorp reaffirmed today it expects to produce about 2.6 million ounces of gold this year, at $250 to $275 an ounce including byproduct revenue and $550 to $600 an ounce on a co- product basis.

“They’re a very low-cost producer,” David West, a Vancouver-based analyst at Salman Partners Inc., said in a Feb. 14 telephone interview. “They are definitely lower quartile as far as operating costs are concerned.”

Goldcorp released its earnings after the end of regular trading in Toronto, where the shares fell 0.5 percent to close of C$45.20.

Barrick Gold Corp., the world’s largest gold miner, will report fourth-quarter earnings before markets open Thursday.

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
244
2012-55-15
Wednesday, 15 Feb 2012 06:55 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved