Silver Wheaton Q3 Profit Falls; Names Chantal Gosselin To Board - Quick Facts

(RTTNews) - Silver Wheaton Corp. (SLW, SLW.TO) posted significantly lower third-quarter net earnings of $77.1 million, or $0.22 per share, compared with last year's $119.7 million, or $0.34 per share, impacted by lower gold and silver prices, as well as higher costs due to an increase in gold sales.

On the other hand, quarterly revenues were $166.4 million, up 3% from $161.3 million reported a year before, chiefly due to a 52% growth in the number of silver equivalent ounces sold, partially offset by a 32% drop in the average realized silver equivalent price. Attributable silver equivalent production for the three months totaled 8.9 million ounces, versus 7.6 million ounces a year ago, representing an increase of 17%. Attributable silver equivalent sales of 7.8 million ounces, were higher than the prior year's 5.1 million ounces.

In addition, the firm announced the addition of Chantal Gosselin to the board, who brings over 20 years of experience in the financial services and mining industry. Most recently, Gosselin was Vice President and Portfolio Manager at Goodman Investment Counsel.

Further, the board declared a quarterly dividend of $0.09 per share as the result of its dividend policy, whereby the quarterly dividend is equal to 20% of the average of the previous four quarters' operating cash flow.