Dahlman Rose Comments On Goldcorp EPS

According to Dahlman Rose, Goldcorp's GG earnings per share outperform consensus estimate. Dahlman Rose said that the company maintains full-year guidance and aims to produce 4MM oz of Au in 2014. Management remains optimistic for a reduction in cash cost. "Goldcorp reported adjusted 1Q EPS of $0.50, above consensus estimate of $0.47/sh and 150% higher than 1Q10. Operating cash flow increased to $586MM or $0.73/sh, slightly below the consensus estimate of $0.75/sh. The quarter-end cash balance was $1.3Bn, with a net cash position of $575MM. Gold production totaled 637,600 oz, at a cash cost of $188/oz, on a by-product basis and $504/oz, on a co-product basis. At El Morro, approval of the Environmental Impact Assessment was received on 3/14/11. The Cerro Negro feasibility study update enhanced the gold production growth profile with first production expected in mid-2013 at an annual rate of ~550Koz of Au. Management announced a dividend payment of $0.034/sh for the month of May." Goldcorp closed on Friday at $47.76.