WRAPUP 1-Strong gold price boosts Goldcorp, Agnico profits

* Goldcorp Q3 adjusted EPS $0.31 vs $0.19 a yr ago

* Agnico Q3 EPS $0.73 vs yr-ago loss of $0.11/shr

* Goldcorp, Agnico reaffirm full-yr production forecasts
(In U.S. dollars unless noted)

TORONTO, Oct 27 (BestGrowthStock) – Canadian gold miners Goldcorp
Inc (G.TO: ) and Agnico-Eagle Mines (AEM.TO: ) reported solid
quarterly profits on Wednesday, on the back of record bullion

Goldcorp, the world’s second largest gold company by market
capitalization, reported a 65 percent increase in earnings and
doubled its annual dividend payout.

“Continued strong gold demand in the third quarter, along
with Goldcorp’s lowest quarterly cash costs in over two years
resulted in record cash margins,” Goldcorp Chief Executive
Chuck Jeannes said in a statement.

Vancouver-based Goldcorp said its adjusted earnings in the
quarter rose to $231.5 million, or 31 cents a share, compared
with $140.6 million, or 19 cents a share, a year earlier.

Gold sales in the third quarter were 568,100 ounces on
production of 596,200 ounces. Quarterly revenue rose 28 percent
to $885.8 million.

Both Goldcorp and its smaller rival Agnico-Eagle reiterated
their full-year production forecasts. Goldcorp expects output
of about 2.55 million ounces in 2010, while Agnico expects its
output to be between 1 million and 1.1 million ounces.


Agnico jumped to a third-quarter profit (Read more your timing to make a profit.) from a year-ago
loss, when is results were hurt by a foreign exchange-related
charge and production issues at its new mines.

The Toronto-based miner reported net income of $121.5
million, or 73 cents a share in the quarter ended Sept 30. That
compared with a loss of $17 million, or 11 cents a share, in
the same period of 2009.

Quarterly revenue from mining operations more than doubled
to $398.5 million, largely driven by a higher realized gold
price and increased output from new mines.

“The transformational phase at Agnico-Eagle is complete and
has resulted in record earnings and cash flows per share. The
next phase, one of optimization and expansion of our newly
built mines, is underway,” said Agnico’s Chief Executive Sean
Boyd, in a statement.

($1=$1.03 Canadian)
(Reporting by Euan Rocha, additional reporting by Julie
Gordon; editing by Rob Wilson)

WRAPUP 1-Strong gold price boosts Goldcorp, Agnico profits