Goldcorp Inc. tumbled to the lowest since 2002, the steepest decline among senior gold producers, a day after reporting a bigger-than-expected third-quarter loss.
The Vancouver-based miner posted a net loss of 12 cents a share, wider than the average analyst estimate for a loss of 10 cents. Operating results were hurt by lower output of all metals from the company’s Peñasquito mine, while costs climbed.
The results were a “clear disappointment” and the company will have to deliver on its fourth-quarter guidance of 620,000 ounces to prove to investors it is at an inflection point, Andrew Kaip, an analyst at BMO Capital Markets, said in a note.
“We knew this would be a miserable quarter,” Michael Siperco, an analyst at Macquarie Group Ltd., said in a telephone interview. “It was a little bit weaker than most expected.”