Goldcorp Announces Quarterly and Annual Financial Results; Provides Updated Reserves and Resources Estimates

OREANDA-NEWS. GOLDCORP INC. (TSX: G, NYSE: GG)  reported record fourth quarter gold production¹ of 890,900 ounces, compared to gold production of 768,900 ounces for the fourth quarter of 2013.  Adjusted quarterly revenues¹ were \$1.1 billion, generating adjusted net earnings^1,2 of \$55 million, or \$0.07 per share, compared to adjusted revenues of \$1.2 billion and adjusted net earnings of \$74 million, or \$0.09 per share, for the fourth quarter of 2013.  Adjusted operating cash flow^1,3 was \$337 million, or \$0.41 per share, compared to \$439 million, or \$0.54 per share, for the fourth quarter of 2013.

During the fourth quarter of 2014, the Company recorded an impairment charge of \$2.3 billion, net of tax, forthe Cerro Negro mine in Argentina due to the decline in market valuations of future exploration potential and the ongoing challenging fiscal conditions in Argentina.  This contributed to a reported net loss for the quarter of \$2.4 billion, or (\$2.94) per share compared to a net loss of \$1.1 billion, or (\$1.34) per share in the fourth quarter of 2013. 

Fourth Quarter 2014 Highlights

• Adjusted revenues totaled \$1.1 billion.
• Gold sales¹ totaled 707,900 ounces on record gold production of 890,900 ounces. 
• All-in sustaining costs^1,4 were \$1,035 per ounce.
• Adjusted operating cash flow totaled \$337 million, or \$0.41 per share.
• Adjusted net earnings totaled \$55 million, or \$0.07 per share.
• Dividends paid amounted to \$122million.
• Achieved commercial production at Cerro Negro on January 1, 2015.
• Announced an agreement to divest Wharf on January 12, 2015.
• Announced an agreement to acquire Probe Mines on January 19, 2015.

Full-Year 2014 Highlights

• Adjusted revenues totaled \$4.5 billion.
• Gold sales totaled 2.67 millionounces on record gold production of 2.87 million ounces. 
• All-in sustaining costs were \$949 per ounce.
• Adjusted operating cash flow totaled \$1.4 billion, or \$1.71 per share.
• Adjusted net earnings totaled \$498 million, or \$0.61 per share.
• Dividends paid amounted to \$488 million.
• Cerro Negro and ?l?onore achieved first gold production.
• Divested the Marigold mine.
• Proven and probable mineral reserves of 49.6 million gold ounces at December 31, 2014.