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EPA staff told to prepare for Trump executive orders: sources

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Canadian gold miner Goldcorp Inc profit beats market forecast due to lower costs and higher gold prices

Goldcorp Inc reported a higher-than-expected fourth-quarter profit on Wednesday compared to a steep loss a year ago, as much lower costs at its gold mines in the Americas and a higher gold price offset lower production.

Goldcorp, the world’s third-biggest gold producer by market value, reported net earnings of US$101 million, or 12 cents a share, in the three months ended December. That compared with a loss of US$4.3 billion, or US$5.14 per share, a year earlier when the Canadian miner wrote down the value of a mine in Argentina.

Analysts on average had expected the company to earn US9 cents a share, according to Thomson Reuters I/B/E/S.

Vancouver-based Goldcorp said its all-in sustaining costs to produce an ounce of gold fell to US$747 in the fourth quarter from US$977 an ounce a year ago. For all of 2016, costs slid to US$856 an ounce from US$894 in 2015.

The miner pre-released production figures on Jan. 16, when it said it produced 2.87 million ounces of gold in 2016, including 761,000 ounces in the fourth quarter. That was down from 909,000 ounces in the same quarter in 2015.

Gold miners also benefited from a 10 per cent rise in bullion prices in the fourth quarter to an average of around US$1,216 an ounce compared with same quarter last year.

This year Goldcorp expected to produce 2.5 million ounces of gold at all-in sustaining costs of around US$850 an ounce. It also laid out an ambitious growth plan that includes increasing production as well as reserves by 20 per cent over the next five years. 

© Thomson Reuters 2017

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Canada Goose Inc files for public offering on Toronto and New York exchanges

TORONTO — Canada Goose Holdings Inc. filed for an initial public offering and plans a dual listing in both Toronto and New York.

The Toronto-based retailer, which filed with a $100 million placeholder amount used to calculate fees, will seek to raise as much as $300 million in the sale, people familiar with the matter have said, for a company valuation of about $2 billion.

Canada Goose, backed by Bain Capital, is known for its trademark $900 parkas with coyote fur-lined hoods. Bain will continue to own a controlling interest in the company following the IPO, according to the prospectus.

The company plans to list its shares on the New York Stock Exchange and Toronto Stock Exchange under the symbol GOOS. Proceeds from the IPO will be used to pay down debt and for working capital and general corporate purposes, the filing shows.

For the fiscal year ended March 31, 2016, revenue was $290.8 million. Adjusted net income for the period was $30.1 million. Over the past three years, revenue grew at a compound annual rate of 38.3 percent, the filing shows, while net income almost tripled over the same period.

Canada Goose was founded 60 years ago. Risks to the business include the expense of expanding into new markets and competition. The brand was sold in 36 different countries through about 2,500 wholesalers at the end of December, the prospectus shows.

In 2013, when Bain acquired a majority stake in Canada Goose, the company was valued at about $250 million, people familiar with the matter have said. Terms weren’t disclosed at the time.

Canadian Imperial Bank of Commerce, Credit Suisse Group AG, Goldman Sachs Group Inc. and RBC Capital Markets will be leading the share sale, the filing shows.

The Canadian Press