Goldcorp earnings beat estimates as costs decline

|About: Goldcorp Inc. (GG)|By:, SA News Editor

Goldcorp (GG) flat premarket after reporting Q1 earnings that beat analyst estimates as costs declined more than forecast.

Q1 gold sales totaled 684K oz. on production of 679.9K oz., vs. sales of 595.1K oz. on production of 614.6K oz. in the prior-year quarter.

All-in sustaining costs were $840/oz., compared with $1,134 a year earlier and earlier expectations of ~$875.

Gold averaged $1,292/oz. in Q1, down 21% Y/Y.

Reaffirms 2014 guidance of 2.95M-3.1M oz. (following the divestiture of Marigold) at all-in sustaining costs of $950-$1,000 per gold oz.; reaffirms 2014 capital spending guidance of $2.3B-$2.5B.