Goldcorp Q1 Adj. Profit Beats View, Reiterates Production Outlook - Quick Facts

(RTTNews) - Canadian gold miner Goldcorp Inc. (G.TO, GG) reported net earnings attributable to shareholders for the first quarter of $98 million or $0.12 per share, down from $309 million or $0.33 per share in the prior-year period.

Adjusted net earnings for the quarter were $209 million or $0.26 per share, compared to $253 million or $0.31 per share in the year-ago period. On average, 14 analysts polled by Thomson Reuters expected the company to report earnings per share of $0.14 for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter declined to $898 million from $864 million in the prior-year period. Adjusted quarterly revenues were $1.2 billion, essentially unchanged from the year-ago period. Analysts expected revenue of $963.45 million for the quarter.

The company reported gold production of 679,900 ounces in the quarter, compared to 614,600 ounces in the same period last year.

Looking ahead to fiscal 2014, Goldcorp reconfirmed guidance for gold production of between 2.95 and 3.10 million ounces, following the divestiture of Marigold, at all-in sustaining costs of between $950 and $1,000 per gold ounce.

In addition, the company reaffirmed its outlook for capital spending between $2.3 billion and $2.5 billion for 2014.