VANCOUVER – Goldcorp Inc. is reporting sharply lower first-quarter net earnings on higher costs and lower gold production.
The company, which reports in U.S. dollars, says it earned $67 million or eight cents per share, compared with net earnings of $170 million or 20 cents per share in the same period of 2017.
Analysts had expected earnings of 11 cents per share, according to Thomson Reuters.
Revenue fell to $846 million from $882 million.
Goldcorp says gold production came in at 590,000 ounces at a cost of $810 per ounce, versus 655,000 ounces at a cost of $800 per ounce in the first quarter of 2017.
Goldcorp left unchanged its full-year 2018 guidance of 2.5 million ounces at a cost of $800 per ounce.
It says its goal to reach $250 million of sustainable annual efficiencies by the middle of 2018 is on track with $210 million achieved as of the end of the first quarter.
CEO David Garofalo says Goldcorp’s operations met their quarterly targets and its pipeline of growth projects are lining up with its plan to grow production and reserves by 20 per cent while reducing costs by 20 per cent by 2021.
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