Goldcorp, the world's biggest gold producer by market value, posted adjusted earnings of 1 cent per share for the first quarter, missing the 12 cents per share analysts were expecting, according to Thomson Reuters.
The company cited a lower realized margin on gold sales, a higher tax rate, and higher depreciation and depletion expenses for the earnings miss.
But, revenue for the quarter came in at $1.27 billion, topping the $953.51 million analysts were expecting.
In the first quarter, gold production rose to 724,800 ounces from 679,000 ounces, but the average realized price dropped to $1,217 per ounce from $1,297 an ounce a year ago.
Looking ahead, the company expects an annual effective tax rate of 45% in 2015, with an expected 39% rate in the second, third and fourth quarters.
Goldcorp also reiterated its 2015 gold production forecast of between 3.3 million to 3.6 million ounces.
Canada-based Goldcorp is a gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the U.S., Mexico and Central and South America.
Separately, TheStreet Ratings team rates GOLDCORP INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate GOLDCORP INC (GG) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, weak operating cash flow and generally disappointing historical performance in the stock itself."
You can view the full analysis from the report here: GG Ratings Report