Goldcorp Inc. (GG: Quote, G.TO) reported that net earnings were $479 million compared to $651 million in the first quarter of 2011. Net earnings per share declined to $0.51 from $0.81 last year.
Adjusted net earnings in the quarter increased to $404 million, or $0.50 per basic share, compared to $392 million, or $0.49 per basic share, in the first quarter of 2011.
Gold sales in the first quarter were 545,700 ounces on production of 524,700 ounces This compared to sales of 627,300 ounces on production of 637,600 ounces in the first quarter of 2011.
Revenues for the quarter rose to $1.35 billion from $1.22 billion in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.54 per share on revenues of $1.46 billion for the quarter. Analysts' estimates typically exclude special items.
Goldcorp's current 2012 gold production guidance is 2.6 million ounces at total cash costs of $250 to $275 per ounce of gold on a by-product basis and $550 to $600 per ounce of gold on a co-product basis. The company said it is currently analyzing the potential impact of first quarter production delays at Red Lake to Goldcorp's overall 2012 production and cash costs.
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by RTT Staff Writer
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