Wednesday, July 28, 2010

Goldcorp (NYSE:GG) Soars in Second Quarter, Earnings Reach $200 Million

Goldcorp (NYSE:GG) (TSE:G) performed as was expected from large gold miners today, as Newmont (NYSE:NEM) earlier in the day reported lower-than-expected earnings in the last quarter, generating doubts as to how other gold miners had performed.

That concern is off the table now, as Goldcorp report net earnings of $198.8 million, or 27 cents a share. That is in contrast to last year, where profits were at $99.2 million, or 14 cents a share.

Revenue surged to $844.3 million, a gain of 34 percent over last year, on higher gold prices and increased sales of gold.

Gold production in the quarter was 609,500 ounces, which brought operating cash flow to a record level of $382.6 million.

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