VANCOUVER, B.C. - Goldcorp Inc. (TSX:G) increased its production guidance Wednesday as it reported a profit of US$114.2 million in its latest quarter.
The gold miner said it expected to produce 2.4 million ounces, up from earlier guidance for production of 2.3 million ounces.
Total cash costs for 2009 are now expected to be approximately $300 per ounce of gold on a by-product basis compared with earlier guidance of $365 per ounce.
"Consistent with our 2009 theme of execution throughout our operations, Goldcorp's gold production and cash costs were again very strong in the third quarter," Goldcorp president and chief executive Chuck Jeannes said in a statement.
For the quarter ended Sept. 30, the company, which keeps its books in U.S. dollars, said its profit amounted to 16 cents per diluted share compared with a profit of $297.2 million or 42 cents per share a year ago.
Revenue totalled $691.9 million, up from $552.2 million.
The results a year ago included a $253.7-million gain on foreign exchange in the quarter compared with $28.1-million loss on foreign exchange in the latest quarter.
Excluding a non-cash foreign exchange loss on revaluation of future income tax liabilities, the company said it earned 19 cents per share.
The average analyst estimate had been for earnings of 17 cents per share, according to Thomson Reuters.
Gold production in the quarter totalled 621,100 ounces, up from 557,400 ounces a year ago, while the average realized price was $968 per ounce, up from $865.
Total cash costs on a by-product basis averaged $295 per ounce, down from $346 per ounces a year ago.
Shares in Goldcorp, which reported its results after the close of markets, were down 32 cents at C$42.64 on the Toronto Stock Exchange on Wednesday.
Liar’s Poker author Michael Lewis has a great review in The New Republic of Alice Schroeder’s biography of Warren Buffett, The Snowball: Warren Buffett and the Business of Life. Lewis says as much about Buffett as he does about the book in his analysis. Hat tip to Paul Kedrosky for pointing to the review. Also worth a read: Canadian [...]
I had a conversation earlier today in Montreal with Jeffrey Immelt, the chairman and CEO of General Electric Co. (GE), who was pretty blunt in his assessment of the so-called Buy American provision in President Barack Obama’s stimulus bill. “I think it’s terrible,” Immelt said, before speaking at the International Economic Forum of the Americas here. [...]
This week I spoke to Tom Bradley, president of Steadyhand Investment Funds Inc., a Vancouver-based, mutual-fund group launched in April, 2007. He wanted to fill me in on what his funds were all about (I had inadvertently overlooked them in an article I did on low-fee funds awhile back). Normally, I tend to avoid actively managed [...]
The results of Cone’s 2009 Consumer New Media Study include two points that I found to be remarkable: “Forty-four percent of American new media users are searching for, sharing or discussing information about corporate responsibility (CR) efforts and programs…” “Sixty-two percent of users polled believe they can influence business decisions by voicing opinions via new media channels. ” While the [...]
680News has Toronto's most frequent business reports at :26 and :56 past the hour. When the markets are open, 680News is there live with real-time quotes.
© 1995-2009 Rogers Broadcasting Ltd. All rights reserved. Privacy Policy Terms of Service