UPDATE: Silver Wheaton Corp Down 2.5% On Lower Q1 Profit; Amends Dividend Policy
Silver Wheaton Corp. (SLW.TO, SLW) has fallen 2.5% after Friday announcing its unaudited results for the first quarter ended March 31, 2013. Net earnings of US$133.4 million ($0.38 per share) compared to $147.2 million ($0.42 per share) in Q1 2012, representing a decrease of 9%. Operating cash flows of $165.6 million ($0.47 a share) compared to $163.8 million ($0.46 a share) in Q1 2012, representing an increase of 1%. It declared quarterly dividend of $0.12 per common share as the result of an amended dividend policy whereby the quarterly dividend will be equal to 20% of the average of the previous four quarters' operating cash flow, with a gradual implementation.
FIRST QUARTER HIGHLIGHTS:
Attributable silver equivalent production of 8.0 million ounces (6.3 million ounces of silver and 32,200 ounces of gold) compared to 6.7 million ounces in Q1 2012, representing an increase of 20%.
Silver equivalent sales of 6.9 million ounces (6.0 million ounces of silver and 16,900 ounces of gold) compared to 6.1 million ounces in Q1 2012, representing an increase of 13%.
Revenues of $205.8 million compared to $199.6 million in Q1 2012, representing an increase of 3%.
Cash operating margin for the three months ended March 31, 2013 of $25.33 per silver equivalent ounce compared to $28.51 in Q1 2012.
Average cash costs rose to $4.39 per silver equivalent ounce compared with $4.08 in Q1 2012.
On February 28, 2013, the company announced that it had entered into definitive agreements to acquire from Vale S.A. an amount of gold equal to 25% of the life of mine gold production from its Brazilian Salobo mine, as well as 70% of the gold production, for a 20 year term, from certain of its Canadian Sudbury mines.
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