Q4 EPS $0.44 vs year-earlier profit of $0.09

* Q4 Adj EPS $0.57 vs year-earlier $0.25

* Increases full-year dividend payout by 11 pct (In U.S. dollars unless noted)

TORONTO, Feb 24 (Reuters) - Goldcorp Inc (G.TO) said on Thursday its quarterly earnings surged due to higher gold and silver prices and increased bullion production.

Vancouver-based Goldcorp, the world's second largest gold miner by market capitalization, also raised its full year dividend payout by 11 percent to 40 cents a share and outlined plans to develop two major gold projects in Canada.

Goldcorp said its net income in the quarter ended Dec. 31 rose to $331.8 million, or 44 cents a share, from a year-earlier profit of $66.7 million, or 9 cents a share.

Excluding one-time items, earnings in the quarter rose to $417.1 million, or 57 cents a share, from $182.7 million, or 25 cents a share, a year earlier.

Gold sales in the fourth quarter were 678,600 ounces on production of 689,600 ounces. This compares to sales of 573,100 ounces on production of 601,300 ounces in the fourth quarter of 2009.

The company said a strong performance at its Red Lake mine in Ontario and the first full quarter of commercial production from its Penasquito gold-silver mine in Mexico, helped drive production growth in the quarter.

Quarterly revenue rose 70 percent to $1.32 billion. (Reporting by Euan Rocha; editing by Peter Galloway)