Precious metals streaming company Wheaton Precious Metals Corp. swung to a profit of US$6.8 million in the fourth quarter of 2018, from a year-ago net loss of US$137.7 million.
However, adjusted net earnings for the three months declined 55.4% year over year to US$36.7 million.
Revenue in the quarter dropped to US$196.6 million, from US$242.5 million in the prior year, mainly due to lower sales and prices for silver, according to the March 20 release.
Gold sales climbed 9% year over year to 102,813 ounces on the back of higher production, while silver sales fell 39.7% year over year to 4.4 million ounces. The company also sold 5,049 ounces of palladium in the quarter.
Production in the three months increased 11.5% for gold to 107,567 ounces, but dropped 22.9% for silver to 5.5 million ounces. Palladium production totaled 5,869 ounces.
In the full year, Wheaton's net earnings swelled 640.2% year over year to US$427.1 million, or 96 U.S. cents per share.
The company recorded a US$245.7 million gain on disposal of mineral stream interest in the year. Additionally, the year-ago results were impacted by a US$228.7 million impairment charge.
Revenue in the year slipped 5.8% year over year to US$794.0 million.