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Goldcorp Posts Surprise Loss in Gold Rout; Shares Tumble

  • Production rose more than analysts estimated in the quarter
  • Gold futures averaged 12 percent less than a year earlier
Updated on

Goldcorp Inc., the largest gold producer by market value, surprised analysts with a third-quarter loss as efforts to lower costs and increase output were countered by lower prices and impairments. Shares fell the most in three months.

The Vancouver-based miner had a loss of 4 cents a share excluding a writedown on stockpiles and other one-time items, it said Thursday in a statement, compared with a 4-cent average profit estimate of 22 analysts tracked by Bloomberg. Sales rose to $1.1 billion from $839 million a year ago, beating the $1.05 billion average estimate.