Goldcorp Inc. (TSX:G)(NYSE:GG), one of world’s largest producers of gold, announced first-quarter earnings before the market opened on April 30, and its stock responded by falling over 6% in the day’s trading session. Let’s take a closer look at the results to see if a sell-off of this magnitude was warranted, or if we should consider using it as a long-term buying opportunity.

The results that ignited a sell-off

Here’s a summary of Goldcorp’s first-quarter earnings results compared with its results in the same period a year ago. All figures are in U.S. dollars.

Metric Q1 2015 Q1 2014
Adjusted Earnings Per Share $0.01 $0.26
Revenue $1.27 billion $1.23 billion

Source: Goldcorp Inc.

Goldcorp’s adjusted earnings per share decreased 96.2% and its revenue increased 3.4% compared with the first quarter of fiscal 2014. The company’s steep decline in earnings per share can be attributed to its adjusted net income decreasing 94.3% to just $12 million, which was led lower by its total mine operating costs increasing 43.6% to $942 million.

Its slight revenue growth can be attributed to its total amount of gold sold increasing 21% to 827,500 ounces, but this increase was slightly offset by the average realized price of gold decreasing by 6.2% to $1,217 per ounce and its all-in sustaining costs increasing 5.4% to $885 per ounce of gold.

Here’s a quick breakdown of 15 other notable statistics from the report compared with the year-ago period:

  1. Gold produced increased 6.6% to 724,800 ounces
  2. Silver produced decreased 11.1% to 8.52 million ounces
  3. Silver sold increased 14.6% to 10.54 million ounces
  4. Average realized price of silver decreased 13.1% to $15.30 per ounce
  5. Copper produced decreased 57.2% to 9.2 million pounds
  6. Copper sold decreased 53.3% to 15 million pounds
  7. Average realized price of copper decreased 20.7% to $2.45 per pound
  8. Lead produced decreased 25.9% to 36.7 million pounds
  9. Lead sold decreased 12.8% to 39.5 million pounds
  10. Average realized price of lead decreased 11% to $0.81 per pound
  11. Zinc produced decreased 6.1% to 82.5 million pounds
  12. Zinc sold decreased 8.3% to 82.6 million pounds
  13. Average realized price of zinc increased 1.1% to $0.91 per pound
  14. Cash flow from operating activities decreased 78.8% to $58 million
  15. Adjusted operating cash flow increased 30.2% to $366 million

Should you buy shares of Goldcorp today?

I think the post-earnings drop in Goldcorp’s stock was warranted, but I also think it has led to a great long-term buying opportunity because it trades at favourable valuations and pays a monthly dividend.

First, Goldcorp’s stock trades at just 24.9 times fiscal 2015’s estimated earnings per share of $0.91 and only 20.8 times fiscal 2016’s estimated earnings per share of $1.09, both of which are very inexpensive compared with its five-year average price-to-earnings multiple of 28.6.

Second, Goldcorp pays a monthly dividend of $0.05 per share, or $0.60 per share annually, giving its stock a 2.6% yield at current levels. The company has also increased its dividend four times since 2010, making it one of the top dividend-growth plays in the industry today.

With all of the information provided above in mind, I think Goldcorp represents one of the best long-term investment opportunities in the gold industry today. Foolish investors should take a closer look and consider using the post-earnings weakness to initiate positions.

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Fool contributor Joseph Solitro has no position in any stocks mentioned.