Goldcorp Reports First Profit in Three Quarters Amid Cost Cuts
- Miner said it will target $250 million a year in efficiencies
- Company expects output to drop 15% in Q2, full-year unchanged
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Goldcorp Inc. reported its first profit in three quarters, beating analysts’ estimates, as costs fell more than expected.
First-quarter net income was $80 million, compared with a net loss of $87 million a year earlier, Vancouver-based Goldcorp said Wednesday in a statement. Excluding one-time items, earnings were 10 cents a share, beating the 4-cent average of 18 estimates compiled by Bloomberg.