UPDATE 2-Goldcorp's lower profit lags estimates, stock slumps

Thu Apr 30, 2015 11:26am EDT
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* Adjusted EPS $0.01, misses $0.10 expectation

* Adjusted earnings hurt by higher costs, lower prices

* Shares decline nearly 6 percent on TSX

* Goldcorp maintains 2015 production, spending forecast (Adds bullet points, stock price decline, analyst comment)

By Susan Taylor

TORONTO, April 30 (Reuters) - Goldcorp Inc, the world's biggest gold producer by market value, reported weaker earnings on Thursday that fell well short of analyst expectations, as lower prices along with higher taxes and costs more than offset increased production from its mines.

Goldcorp shares fell 5.8 percent in Toronto after the results were announced, amid deep market declines for gold miners as the price of bullion dropped 2 percent on revived expectations of a U.S. interest rate hike.

"We expected the stock would be weaker on this, but ... it's a $25 down day in gold, so the sell off has to be presented in that context," said Phil Russo, analyst at Raymond James, of the lower-than-expected profit.

Vancouver-based Goldcorp, which maintained its 2015 outlook, said first-quarter adjusted profit fell to $12 million, or 1 cent a share, from $209 million, or 26 cents a share.   Continued...