Vancouver-based Goldcorp Inc. (TSX:G) has reported net earnings of US$229.5 million for 2008's first quarter, an 84% increase over earnings of US$124.9 million for the corresponding 2007 quarter. Quarterly revenue increased 32% to US$626.7 million compared with US$474.2 million a year earlier.
Goldcorp realized a record gold price of US$932 per ounce in the quarter.
The company's adjusted net earnings for the quarter were US$164.7 million compared with US$82.8 million in the corresponding period a year ago. Adjusted earnings excluded US$136.5 million gained from the sale of Goldcorp's Silver Wheaton shares, a non-cash US$56.6 million foreign exchange loss, revaluation of future income tax liabilities and a US$16 million unrealized non-hedge copper derivative loss.
The high Canadian dollar increased Goldcorp's labour and consumable costs.
Goldcorp's share price range during the week: between $34.81 and $36.81; 52-week high: $45.89; 52-week low: $22.40.