During the third quarter, net profit surged 65% year-over-year to $231.5 million on lower cash costs. Revenue surged 28% year-over-year to $886 million during the September quarter on robust gold sales.
For the third quarter, Goldcorp reported higher cash flows before working capital in the order of $471 million on production of 596,200 ounces and lower cash costs.Exuding optimism about future gold production, Goldcorp's CEO said in a press statement, "We have begun commissioning of the high pressure grinding roll circuit, representing the completion of Peñasquito construction and the final component of designed 130,000 tonne throughput capacity, which we expect to reach early in 2011. The expected completion of the Andean Resources acquisition will add Cerro Negro, another large, high-quality gold asset in Argentina." Goldcorp has a strong balance sheet. The stock received buy ratings of 83% and as per consensus estimates; the stock is poised to deliver 36% in the next one year. The stock is trading at 21.5 times its estimated 2011 earnings.