Boston, MA 10/28/2013 (wallstreetpr) – In its Q3.13, Goldcorp Inc. (USA) (NYSE:GG) posted adjusted earnings of $0.23, smashing the Zacks consensus estimate of $0.20. However, the miner fell below its $0.54 per share earned in Q3.12. The adjusted figures excluded the impact of the foreign currency exchange losses and amendments to the service level agreement in its operations at Pueblo Viejo. Included in the adjusted earnings is negative impact of $0.03 a share for stock-based compensation. Hurting from lower gold prices, the company’s net earning for Q3 fell to $5 million or break even a share. In the prior year, it reported net earnings of $498 million or $0.61 a share. The revenue for Q3 dropped 27.5% from the comparable quarter a year ago to $929 million. The miner’s average gold price declined 20.5% to $1,339 per ounce from $1,685 per ounce a year ago.
The miner noted increase in gold production of 7.5% to 637,100 ounces. The sales for the same metal also went up 5.5% in the quarter to 652,100 ounces. The production of silver however dropped significantly 9.4% from 8 million ounces a year ago to 7.7 million in the just reported quarter. In per mine highlight, gold production went down at the Red lake mine 20% to 97K ounces year over year. The total cost per ounce increased 19.6% to $640 per ounce in the latest reported quarter.
The gold production went up 43.2% to 76K ounces at Porcupine mine in Ontario. The total cost was $637 per ounce. At the Musselwhite mine, gold production fell 8.7% to 59,800 ounces while total cost was $768 per ounce. A similar decline came in at the Penasquito mine in which gold production declined 9.6% to 113,900 ounces. Goldcorp reviewed down its gold production guidance for the full-year 2013 to between 2.6 and 2.7 million ounces. Initially it had a guidance of between 2.55 and 2.8 million ounces. The miner’s new cost projections are $700 and $725 per ounce on co-product basis while its guidance for by-product basis is now between $550 and $575.
The miner’s stock traded up 0.45% on Friday to settle at $26.74. Its market cap is now $21.72 billion.
