InvestorsHub Logo
Followers 1058
Posts 105272
Boards Moderated 55
Alias Born 11/22/2003

Re: NYBob post# 59

Sunday, 11/11/2007 4:29:15 AM

Sunday, November 11, 2007 4:29:15 AM

Post# of 237
Goldcorp third-quarter profit jumps 27 percent
Fri Nov 9, 2007 8:38 AM EST

OTTAWA (Reuters) - Goldcorp said on Friday its third-quarter profit rose 27 percent, as gold production increased at lower cash costs than industry averages.

The company earned $75.8 million, or 11 cents per share, in the period ended September 30. That was up from $59.5 million, or 14 cents per share, in the year-before period when it had a lower share count.

It also reaffirmed its 2007 production outlook of 2.2 million to 2.3 million ounces of gold at a total cash cost of $150 an ounce.

Analysts polled by Reuters had expected, on average, a profit of 16 cents per share before exceptions.

The company said a late concentrate shipment at its 37.5-percent owned Alumbrera mine in Argentina reduced earnings by 3 cents per share. Results were also hurt by storm-related power outages at its Red Lake mine in northern Ontario.

A stronger Canadian dollar increased cash costs at Goldcorp's three Canadian mines, which contribute about 45 percent of quarterly gold production.

Gold production rose 28 percent in the quarter to 556,200 ounces, while cash costs were $140 an ounce.

The company sold gold at an average price of $685 an ounce, up from $620 an ounce in the same period in 2006, as spot prices charged to 28-year highs during the quarter.

Operating cash flow was $208.6 million, up from $171.9 million in the same period last year.

($1=$0.94 Canadian)


Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.