Goldcorp Raises Annual Dividend - Analyst Blog
January 08 2013 - 6:20AM
Zacks
Goldcorp Inc. (GG)announced that its Board has
approved an 11% increase in its annual dividend. The increase will
be reflected in the first monthly dividend payment of 5 cents per
share for 2013.
Shareholdersof record at the close of business on January 17,
2013,will be entitled to receive payment of this dividend on
January 25, 2013. Canadian resident individuals who
receivedividends from Goldcorp after 2005 are eligible to an
enhanced gross-up and dividend tax credit on such
dividends.
The dividend increase underscores Goldcorp’s commitment in
maximizing shareholder returns while investing in high return
projects. The company last increased its annual dividend in 2011,
when its Board authorized a 32% increase in the annual dividend to
54 cents per common share.
Goldcorp is one of the world's fastest growing senior gold
producers. The company released its third-quarter 2012 results in
October 2012. Its adjusted earnings (excluding one-time items other
than stock-based compensation expenses) came in at 54 cents a
share, comfortably exceeding the Zacks Consensus Estimate of 45
cents. However, the results were below 56 cents a share earned a
year ago.
Revenues increased 17.6% year over year to $1.54 billion in the
quarter, surpassing the Zacks Consensus Estimate of $1.37 billion.
Operating improvements across the Red Lake and Penasquito mines
contributed to the growth. Gold sales jumped 8.1% year over year to
617,800 ounces and production inched up 0.07% to 592,500
ounces.
Goldcorp reiterated its guidance for 2012 and expects to produce
2.35 million to 2.45 million ounces of gold. Total cash costs for
the year are expected in the range of $310 to $340 per ounce of
gold on a by-product basis.
We currently have a long-term Neutral recommendation on
Goldcorp. The company, which competes with Barrick Gold
Corporation (ABX) and Newmont Mining
Corp. (NEM), carries a short-term Zacks #3 Rank
(Hold).
BARRICK GOLD CP (ABX): Free Stock Analysis Report
GOLDCORP INC (GG): Free Stock Analysis Report
NEWMONT MINING (NEM): Free Stock Analysis Report
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