Goldcorp Reports Decline In First-Quarter Profit
Net earnings came in at $67 million, or 8 cents per share, compared to $170 million, or 20 cents, for the first quarter of 2017. According to news reports, analysts were expecting around 11 cents per share.
However, the company said that operating cash flows rose to $271 million from $227 million, while adjusted operating cash flow climbed to $350 million from $315 million.
Gold production fell to 590,000 ounces from 655,000 in the year-ago period. Conversely, all-in sustaining costs rose slightly to $810 per ounce from $800 a year ago.
Goldcorp said its program to implement $250 million of “sustainable annual efficiencies” by the middle of year is on track, with $210 million achieved by the end of the first quarter. The company added that more than $250 million in potential savings have been identified, with the program likely to be extended and the target eventually increased.
"Our operations again delivered on-target quarterly results while we continue to execute very well on our robust pipeline of growth projects, which together with excellent exploration results from across our portfolio, continues to enhance confidence in our 20/20/20 plan of growing production and reserves by 20%, and reducing AISC by 20% by 2021," said David Garofalo, president and chief executive officer.
The company maintained full-year guidance for gold production of 2.5 million ounces.