Goldcorp Earnings Fall Short; Company Reaffirms Annual Guidance
ThinkstockGoldcorp Inc. (NYSE: GG) reported first-quarter 2013 earnings before markets opened this morning. The gold miner posted adjusted earnings per share (EPS) of $0.31 on revenues of $1.02 billion. In the same period a year ago, the company reported EPS…
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Goldcorp Inc. (NYSE: GG) reported first-quarter 2013 earnings before markets opened this morning. The gold miner posted adjusted earnings per share (EPS) of $0.31 on revenues of $1.02 billion. In the same period a year ago, the company reported EPS of $0.50 on revenues of $1.21 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.39 and $1.32 billion in revenues.
On GAAP basis, the company posted EPS of $0.38. Adjusted EPS excludes the positive impact of currency exchange rates and mark-to-market gains on the conversion of convertible senior notes. However, adjusted EPS does include a negative impact of $0.02 per share for noncash stock-based compensation.
The company’s CEO, said:
I believe the long term fundamentals supporting a strong gold price remain firmly in place, but in light of recent volatility in gold and other metals prices we have completed a review of capital spending, exploration and general and administrative costs. A contingency plan is now in place that would defer spending should market conditions warrant …
Goldcorp reaffirmed its guidance for the full year, calling for production in a range of 2.55 million to 2.8 million ounces of gold at a total cash costs of $1,000 to $1,100 per ounce on an all-in sustaining cost basis.
Shares of Goldcorp are down about 1% in pr-market trading this morning, at $28.58 in a 52-week range of $27.11 to $47.42. Thomson Reuters had a consensus analyst price target of around $442.05 before today’s report.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
