Goldcorp Earnings Fall Short; Company Reaffirms Annual Guidance
May 2, 2013 by Paul Ausick
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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