Earnings for Goldcorp (NYSE:GG) beat analysts' estimates by $0.05, driving up the share price of the company in after hours trading.
For the quarter, Goldcorp reported earnings per share of $0.66 on revenue of $1.51 billion, up 14.8 percent over the same quarter last year, where it came in at $1.32 billion.
Goldcorp's ability to finish $0.05 above consensus for earnings, shows they managed costs better than expected, as the revenue was in line with consensus.
As for net income, that dropped 28 percent in the quarter, to $405 million, or 39 cents a share, against last year's $560 million, or 75 cents a share.
Gold production in the fourth quarter for Goldcorp dropped to 687,900 ounces from 689,600 ounces last year in the same quarter, a decline of 0.2 percent.
Costs were still a factor for Goldcorp though, as they rose to $261 an ounce, soaring 59 percent. On a co-product basis cost were up $550 to $600 an ounce.
Concerning gold production projections, according to CEO Chuck Jeannes, the company is on target to produce 2.6 million ounces of gold in 2012, up from $2.51 million ounces in 2011. The goal of Jeannes is to bring production levels up to $4.2 million ounces by 2016.
In early January Deutsche Bank (NYSE: DB) boosted its price target on Goldcorp to $58.00 a share.
Goldcorp closed Wednesday at $45.27, losing $0.18, or 0.40 percent. In after hours trading, shares jumped to $46.25, rising 0.98, or 2.16 percent.
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