We are maintaining our Neutral recommendation on Goldcorp Inc. ( GG ). Third-quarter 2012 adjusted earnings (excluding one-time losses and gains other than stock-based compensation expense) of 54 cents per share exceeded the Zacks Consensus Estimate of 45 cents. Revenues jumped roughly 18% year over year to $1.54 billion on higher gold sales and beat the Zacks Consensus Estimate. Improved operating performance across the Red Lake and Penasquito mines contributed to the growth. The company backed its guidance for 2012. Goldcorp is an unhedged producer of gold and as such, it is well positioned to gain from increase in gold prices. It enjoys a leading position in the industry and aims to attain 70% production growth by 2016. Moreover, Goldcorp is one of the lowest-cost gold producers and has a strong balance sheet.