News - Goldcorp

Goldcorp 1st-qtr profit jumps on Glamis takeover. Goldcorp earned $124.9 million, or 18 cents a share, in the period ended March 31. That compares with a profit of $92.4 million, or 27 cents per share in the year-before period. Analysts polled by Reuters had expected, on average, profit of 18 cents per share in the quarter. Gold production surged 89 percent in the quarter to 558,000 ounces from 295,100 ounces, helped by the inclusion of Glamis and of mines acquired last year from Placer Dome. Cash costs were $181 per ounce, Goldcorp said. Operating cash flow rose to $122.6 million from $74.4 million, while revenue jumped by 77 percent to $505.6 million. The company said it expects to produce about 2.5 million ounces this year, a slight dip from previous estimates of 2.6 million ounces. Cash costs are expected at $150 per ounce.