Silver Wheaton Profit Falls On Weak Prices, Miss Estimates - Update

(RTTNews) - Canadian silver producer Silver Wheaton Corp (SLW, SLW.TO), Wednesday reported a decline in second-quarter profit, mainly hurt by drop in silver prices even as sales volumes climbed, with results falling short of Wall Street estimates.

Looking ahead, CEO Randy Smallwood said prospects appear bright due to progress at its various mines and projects, as well as a rebound in metal prices.

During the quarter, the company said its average realized sale price per silver equivalent ounce fell 14 percent from last year to $19.83 per ounce.

Attributable silver equivalent sales volume climbed 4 percent year-over-year to 7.5 million ounces, while production declined 4 percent to 8.4 million ounces.

Overall, Silver Wheaton posted second-quarter net earnings of $63.5 million or $0.18 per share, compared with $71.1 million or $0.20 per share in the prior year.

On average, 14 analysts polled by Thomson Reuters expected of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter slid 11 percent to $148.6 million from the $166.9 million a year ago. Analysts expected revenue of $169.5 million for the quarter.

Also Silver Wheaton announced a quarterly dividend of $0.06 per share.

Silver Wheaton stock is trading at $27.18, up $0.09 or 0.33%, on a volume of 2.4 million shares on the NYSE. In after hours, the stock dropped $0.18 or 0.6%.

In Toronto, the stock closed at C$29.65, up C$0.07 or 0.24%, on a volume of 892k shares.