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Wheaton Precious Metals' Q1 profit up 11.3% YOY to US$68.1M

Wheaton Precious Metals Corp. said May 10 that its net profit climbed 11.3% year over year in the first quarter to US$68.1 million, or 15 cents per share, with revenues inching up 0.7% year over year to US$199.3 million.

A year earlier, the company booked a net profit of US$61.2 million, or 14 cents per share, with revenue of US$198.0 million.

The Vancouver-based precious metals streaming company also declared a dividend of 9 cents per share, up from 7 cents per share for the prior-year period.

Wheaton Precious Metals recorded US$113.7 million in costs during the quarter, falling 7.0% from US$122.2 million a year earlier.

In the period ended March 31, the company's attributable production was 7.4 million ounces of silver, up 11.7% from 6.6 million ounces in the prior-year period, while attributable output of gold fell by 4.9% year over year to 79,657 ounces from 83,778 ounces.

The increase in attributable silver output was attributed to higher production from Primero Mining Corp.'s San Dimas mine in Mexico, partially offset with the expiry of the Cozamin silver purchase agreement with Capstone Mining Corp. in April, while the decrease in attributable gold production resulted from lower production at Capstone's Minto mine and Vale SA's Sudbury mine.

Sales of silver climbed 21.4% year over year to 6.3 million ounces during the quarter, while sales of gold decreased 20.8% to 69,973 ounces.

A combination of increased production and relative changes to payable silver produced but not yet delivered to Wheaton caused the increase in silver sales volume. The decrease in gold sales volume, on the other hand, was primarily the result of negative changes in the balance of payable gold produced but not yet delivered to Wheaton, as well as the decreased production levels at the Minto and Sudbury mines.

Wheaton Precious Metals forecasts attributable silver and gold output of approximately 22.5 million ounces and 355,000 ounces, respectively, for the year, with estimated average annual attributable production of 25 million ounces of silver and 370,000 ounces of gold over the next five years.