Goldcorp Inc.'s (GG,G.TO) first-quarter of 2013 net earnings attributable to shareholders were $309 million or $0.33 per share down from $479 million or $0.51 per share in the first quarter of 2012.
Adjusted net earnings in the first quarter totaled $253 million, or $0.31 per basic share, compared to $404 million or $0.50 per basis share, in the first quarter of 2012.
Adjusted net earnings in the first quarter of 2013 primarily exclude the gains from the foreign exchange translation of deferred income tax liabilities, and mark-to-market gains on the conversion feature of convertible senior notes, but include the impact of non-cash stock-based compensation expenses which amounted to approximately $18 million or $0.02 per share for the quarter.
Gold sales in the first quarter were 595,100 ounces on production of 614,600 ounces. This compared to sales of 545,700 ounces on production of 524,700 ounces in the first quarter of 2012. Silver production totaled 5.6 million ounces compared to silver production of 6.6 million ounces in the prior year's first quarter. Operating costs were $1,135 per ounce of gold on an all-in sustaining cost basis, $565 per ounce on a by-product basis and $710 on a co-product basis.
Revenues for the quarter declined to $1.015 billion from $1.211 billion in the year ago quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.39 per share on revenues of $1.32 billion for the quarter. Analysts' estimates typically exclude special items.
The company reconfirmed guidance for 2013 of between 2.55 and 2.80 million ounces at total cash costs of between $1,000 and $1,100 per ounce on an all-in sustaining cost basis; $525 to $575 per ounce of gold on a by-product basis and $700 to $750 per ounce on a co-product basis. Capital spending guidance of $2.8 billion for 2013 has also been reconfirmed.
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