UPDATE 1-Goldcorp adjusted Q4 profit down, beats Street

Thu Feb 14, 2013 6:59pm EST

Related Topics

* Adj Q4 EPS $0.57 vs Street view $0.54

* Revenue down 5 percent to $1.4 billion

Feb 14 (Reuters) - Goldcorp Inc, Canada's second-largest gold producer, reported a 12 percent drop in adjusted fourth-quarter profit on Thursday as costs rose and sales volume shrank, but earnings beat analysts' expectations.

Adjusted to remove one-time items, profit fell to $465 million, or 57 cents a share, compared with $531 million, or 66 cents, in the year-ago quarter.

Analysts had, on average, expected earnings of 54 cents a share, according to Thomson Reuters I/B/E/S.

Net earnings rose to $504 million, or 62 cents a share, compared with $405 million, or 50 cents a share.

Revenue fell 5 percent to $1.4 billion on lower gold sales, due to the timing of shipments.

While gold production rose to 700,400 ounces in the quarter, up from 687,900 ounces, sales fell to 645,100 ounces, down from 685,000 ounces.

Cash costs rose 17 percent to $621 an ounce, while the realized gold price inched up just 2 percent to $1,692 an ounce.

Goldcorp slashed its 2013 production outlook in January and said capital costs would increase at its development projects.

The miner plans to produce some 2.55 million and 2.80 million ounces in 2013, with cash costs of $700-$750 per ounce.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.