UPDATE 3-Goldcorp profit beats on strong precious metal sales

Thu Oct 25, 2012 6:01pm EDT
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* Adjusted EPS 54 cents vs avg estimate 46 cents

* Posts record revenue of $1.5 bln on strong gold sales

* Maintains production outlook for 2012

* Shares close up 6.9 percent at C$43.60 on TSX

By Julie Gordon

TORONTO, Oct 25 (Reuters) - Goldcorp Inc, the No. 2 Canadian gold miner, reported better-than-expected quarterly results on Thursday, as improved performance at its Red Lake and Penasquito mines led to strong gold and silver sales.

The strong quarter, which came just months after the company was forced to slash its full-year outlook on hiccups at its two flagship mines, sent shares climbing, with the stock closing up nearly 7 percent.

"This is the sort of thing the market is looking for - under-promise, over-deliver and contain your costs - and this is what Goldcorp has done," said George Topping, a mining analyst at Stifel Nicolaus in Toronto.

"You put it back-to-back with Agnico-Eagle, which also had a good quarter, and you get the sense the winds of change have swept through the gold equities."   Continued...