Goldcorp Announces Record Profits

Goldcorp Inc.(TSX:G, NYSE: GG) announced quarterly revenues of $1.5 billion for Q3, which set a new record.

As quoted in the press release:

Goldcorp today reported record quarterly revenues of $1.5 billion, generating adjusted net earnings of $441 million, or $0.54 per share, compared to $450 million, or $0.56 per share, in the third quarter of 2011.  Reported net earnings were $498 million compared to $336 million in the third quarter of 2011.  Operating cashflow before working capital changes was $687 million.

Goldcorp President and CEO, Chuck Jeannes, said:

Our priority is on continuing work to maximize the strong potential at our two largest operations.   At Red Lake, access to several stopes in the High Grade Zone following the completion of de-stressing work is leading to stronger gold production in the second half of the year while an important new discovery adjacent to the High Grade Zone supports the potential for greater future production flexibility at this prolific mine.  At Peñasquito, water availability remains sufficient to achieve 2012 guidance, and a study is underway to develop a long-term water strategy to meet the needs of both Peñasquito and emerging development opportunities in the Peñasquito district.

To view the whole press release, click here.