Goldcorp Inc.'s net earnings in the fourth quarter of 2017 more than doubled despite the company posting lower gold production and sales on a yearly basis, according to a Feb. 14 release.
Net earnings totaled US$242 million, or 28 U.S cents per share, compared to US$101 million, or 12 cents per share, posted in the comparable 2016 quarter. For the entire year, net earnings were US$658 million, or 76 cents per share, increasing from US$162 million, or 19 cents per share, recorded in 2016.
Goldcorp produced 646,000 ounces of gold at an all-in sustaining cost of US$870 per ounce in the quarter, down from 761,000 ounces of gold at AISC of US$747/oz in the prior-year period. Production for the year exceeded the midpoint of the company's guidance of 2.5 million ounces, while the AISC of US$824/oz was in line with the midpoint forecast of US$825/oz, reflecting the progress it has made on its efficiency program.
Sales, meanwhile, came in at 633,000 ounces of gold, also down from 768,000 ounces in the year-ago period. For the full year, sales were also lower at 2.5 million ounces from 2.7 million ounces in 2016.
Goldcorp said its plan to implement its US$250 million annual efficiency program by the middle of 2018 is on track, with nearly US$200 million achieved across the company's portfolio.