Gold prices hit three-week highs on Thursday, but the miner Goldcorp isn't faring all that well.
Goldcorp reported a drop in second quarter profits and earlier this month the company lowered its 2012 production outlook.
Looking at the numbers a little more closely, Goldcorp's profit dropped to $268 million, or 26 cents a share, in the quarter ended June 30, from $489 million, or 52 cents, a year earlier.
Removing one-time items, profit dropped to $332 million, or 41 cents a share, from $413 million, or 52 cents.
Analysts, on average, had expected earnings of 42 cents a share, according to Thomson Reuters I/B/E/S.
And revenue fell to $1.1 billion in the second quarter from $1.3 billion on lower gold output and sales.
What’s going on?
Find out from Goldcorp CEO Chuck Jinesse. Watch the video now!