VANCOUVER, British Columbia ( TheStreet) -- Goldcorp ( GG) shares rose after the gold producer reported adjusted earnings of 25 cents a share for the fourth quarter, beating consensus estimates of 24 cents. Shares in Goldcorp closed at $40.02, up 1.44%. Adjusted earnings, which exclude non-cash foreign exchange gains and losses on future income tax liabilities, rose to $182.7 million during the quarter from $84.4 million a year ago. Goldcorp announced record gold production of 2.42 million ounces during 2009 and generated operating cash flows of $1.2 billion, a 29% increase over 2008. Average realized gold prices per ounce were significantly higher during the quarter at $1,107 as compared to $797 a year earlier. "Achieving record gold production at the lowest cash costs of any major gold mining company while increasing gold reserves for a sixth consecutive year made 2009 a very successful year for Goldcorp," said Chuck Jeannes, President and CEO. Cash costs of Goldcorp continue to be one of the lowest in the industry. Total cash costs were $289 per ounce on a by-product basis, and $422 per ounce on a co-product basis. In comparison, Kinross Gold ( KGC) reported total cash cost per gold ounce at $383 and $437 for gold produced as a by-product and co-product, respectively, while Newmont Mining ( NEM) reported total cash cost per gold ounce at $352 and $468, respectively. During the quarter, Goldcorp sold 95.3% of 601,300 ounces of gold produced, compared with 98.3% of 691,800 ounces of gold produced during the same period last year. Over the past one month, shares in Goldcorp have gained 7.6%, one of the highest among gold producers. The company also paid out dividends of $33 million to shareholders. Goldcorp guided to strong production growth in 2010 driven by expansions in Canada and Mexico. The company's Red Lake mine in Mexico is set to produce 675,000 ounces of gold in 2010, as compared with 622,000 ounces during 2009. Production at the Las Filos mine is expected to reach 300,000 ounces in 2010, up from 239,000 ounces produced in 2009, representing the largest production from a single mine in Mexico.
According to analysts, the company is set to report earnings of $1.13 a share for 2010 and $1.67 a share for 2011, up from 49 cents in 2009. The stock has 13 buy, six hold, and one sell rating, according to The Street's Analyst ratings guide.