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Goldcorp CEO Reveals Biggest Challenge to Bottom Line

Thursday, 26 Jul 2012 | 6:05 PM ET

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!

Goldcorp CEO on Lower Profits
Gold prices hit 3-week highs today, but the miners aren't faring as well. Charles Jeannes, Goldcorp CEO, discussing his company's recent drop in profits, and lowered 2012 outlook.





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