Goldcorp Reports Decline In First-Quarter Profit
(Kitco News) - GoldcorpInc. (TSX: G, NYSE: GG) late Wednesday reported that its output and profit fellduring the first quarter, compared to the same period a year ago.
Net earnings came in at $67million, or 8 cents per share, compared to $170 million, or 20 cents, for thefirst quarter of 2017. According to news reports, analysts were expecting around11 cents per share.
However, the company said thatoperating cash flowsrose to $271 million from $227 million, while adjusted operating cash flowclimbed to $350 million from $315 million.
Gold production fell to 590,000ounces from 655,000 in the year-ago period. Conversely, all-in sustaining costsrose slightly to $810 per ounce from $800 a year ago.
Goldcorp said its program toimplement $250 million of “sustainable annual efficiencies” by the middle ofyear is on track, with $210 million achieved by the end of the first quarter.The company added that more than $250 million in potential savings have been identified, with theprogram likely to be extended and the target eventually increased.
"Our operations again delivered on-target quarterly resultswhile we continue to execute very well on our robust pipeline of growthprojects, which together with excellent exploration results from across ourportfolio, continues to enhance confidence in our 20/20/20 plan of growingproduction and reserves by 20%, and reducing AISC by 20% by 2021," saidDavid Garofalo, president and chief executive officer.
The company maintained full-year guidance for gold production of 2.5 millionounces.
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