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Goldcorp’s Profit Doubled – Analyst Blog

Zacks Market Commentaries (November 6th, 2009) Writes:
Leading gold producer, Goldcorp’s (GG) adjusted net profit in the third quarter of 2009 more than doubled to 19 cents from last year’s 9 cents on higher gold prices and lower cash costs per ounce of gold. Reported earnings were also higher than the Zacks Consensus estimate of 15 cents.  However, on a GAAP basis, net earnings dropped 62% to 16 cents from 42 cents in the previous year due to a foreign exchange loss of $28.1 million. Revenues were up 25% to $691.9 million from $552.2 million in the previous year driven by a 12% rise in average realized prices to $968 per ounce from $865 per ounce in the year-ago quarter and a 9% increase in gold sales volumes to 601,500 ounces.  Gold production increased by 11% year over year to 621,100 ounces compared with 557,400 ounces in 2008 following higher production at the Red ...

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