* EPS cont ops $0.82 v EPS cont ops $0.32 year-ago
* Revenues up 69 percent at $1.2 billion
By Julie Gordon
(Adds CEO comments; In U.S. dollars unless noted)
TORONTO, May 4 Goldcorp (G.TO) reported a
higher first-quarter profit on Wednesday, as record realized
gold prices and the gold miner's strong production boosted
revenue by 69 percent.
Net earnings from continuing operations rose to $651
million, or 82 cents a share, from $232 million, or 32 cents,
in the first quarter of 2010.
Excluding one-time items, net earnings from continuing
operations for Canada's No.2 gold producer more than doubled to
$397 million, or 50 cents a share, from $159 million, or 22
On that basis, analysts had expected earnings of 47 cents a
share, according to Thomson Reuters I/B/E/S.
Quarterly revenue rose to $1.2 billion from $718 million in
the same period in 2010, while operating cash flows more than
doubled to $586 million.
"Primarily we're reinvesting those cash flows into the new
projects," said Goldcorp Chief Executive Chuck Jeannes in an
interview with Reuters after the results.
"We're building five new mines over the next five years,"
he said. "That's at a capital spend of $1.8 billion this year
and significant amounts going forward."
Goldcorp, which plans to expand production by 60 percent to
4 million ounces in 2015, stood by its production outlook for
the year, with output expected to be in a range of 2.65 million
to 2.75 million ounces.
Gold production in the quarter climbed to 637,600 ounces,
up 17 percent over the same period a year earlier, while gold
sales were 627,300 ounces.
The average realized gold price for the quarter rose 26
percent to $1,694 an ounce. Gold margins were $1,206 per ounce,
which the company said were the strongest in the industry.
Cash costs, including a by-product credit, were $188 an
ounce in the first quarter and Jeannes said full-year guidance
may be revised down from a current $280-$320 an ounce.
"Based on the kind of cost performance we're seeing, and
the by-product prices we're seeing, we would expect that to
come down," he said. "But we'll wait till next quarter."
The Vancouver-based company, which sold its 10.1 percent
stake in Osisko Mining (OSK.TO) in February, said gold and
silver accounted for 86 percent of first-quarter revenue.
Goldcorp produces gold, silver and copper, along with other
base metals, from mines across the Americas.
(Reporting by Julie Gordon; editing by Frank McGurty, Phil