Gold crashing again as even Goldcorp takes a Q1 lossSPOT MARKET IS OPEN
closes in 6 hrs. 35 mins.
Apr 30, 2015 10:39 NY Time
| Bid/Ask |
1178.70/1179.70 |
| Low/High |
1176.00 / 1208.10 |
|
-25.90 |
-2.15% |
|
-4.00 |
-0.34% |
|
-112.60 |
-8.72% |
Goldcorp Dips To Q1 Loss; Production, Sales Rise
(Kitco News) - Goldcorp Inc. (TSX:G)(NYSE:GG) reported a net loss of $87 million, or 11 cents per share, in the first quarter of 2015 due to unrealized losses from foreign exchange, deferred income tax assets and liabilities.
The company reported net earnings of $98 million, or 12 cents per share, in last year’s comparative quarter. Adjusted earnings totaled $12 million, or 1 cent per share, down from $209 million, or 26 cents per share, in the first quarter of 2015.
Gold production rose to 724,800 ounces in the quarter, while gold sales rose to 827,500 ounces leading to operating cash flow of $366 million during the first quarter.
"Our primary focus in 2015 is on safely executing our plans and forecasts. Delivering on those expectations, coupled with significantly lower capital spending compared to prior years, positions Goldcorp for a sustained period of strong cash flow," said Chuck Jeannes, Goldcorp president and chief executive officer. "This financial strength provides Goldcorp the flexibility to fund the next generation of growth projects.”
Silver production was lower in the quarter at 8.5 million ounces, compared to 9.6 million ounces in 2014’s first quarter. All-in sustaining costs were higher quarter-on-quarter at $885 per ounce of gold compared to $840 per ounce.
Adjusted revenues came in at $1.27 billion.