BRITISH COLUMBIA

Goldcorp Q1 adjusted earnings drop 94%, miner posts US$87-million net loss

04/30/2015 08:20 EDT | Updated 08/07/2015 11:59 EDT
VANCOUVER - Goldcorp Inc. (TSX:G) posted a loss of US$87 million loss in its latest quarter, a turnaround compared with a profit of $98 million a year ago, as it felt the impact of lower margins on its gold sales and other factors.

The Vancouver-based gold miner, which keeps its books in U.S. dollars, said Thursday the loss amounted to 11 cents per share for the quarter ended March 31 compared with a profit of 12 cents per share a year ago.

Revenue improved to $1.02 billion, up from $878 million in the first three months of 2014.

On an adjusted basis, Goldcorp says it earned $12 million or a penny per share for the quarter, down from a profit of $209 million or 26 cents per share a year ago.

The company produced 724,800 ounces of gold in the quarter compared with 679,900 a year ago, while gold sales totalled 827,500 ounces, up from 684,000.

The average realized price was $1,217 per ounce, down from $1,297, while Goldcorp's all-in sustaining cost per ounce increased to $885 compared with $840 a year ago.

Silver production totalled 8.5 million ounces compared with 9.6 million ounces in the first quarter of 2014.

In its outlook, Goldcorp reconfirmed its 2015 production guidance for between 3.3 and 3.6 million gold ounces at all-in sustaining costs of between $875 and $950 per gold ounce.

Capital spending expectations are unchanged at between $1.2 billion and $1.4 billion.