BRITISH COLUMBIA

Silver Wheaton Q4 profit down 45% to US$52M; revenue hit by lower prices

03/18/2015 06:06 EDT | Updated 05/18/2015 05:59 EDT
VANCOUVER - Silver Wheaton Corp. (TSX:SLW) has reported a 45 per cent decrease in fourth-quarter net earnings, citing a 22 per cent drop in average realized prices despite an increase in the number of silver-equivalent ounces sold.

Vancouver-based Silver Wheaton reported after markets closed Wednesday that net income in the three months ended Dec. 31 was US$52 million or 14 cents per share, down from US$93.9 million or 26 cents in the same prior-year period.

Revenue fell 16 per cent to US$140.4 million from US$167.4 million.

Silver equivalent sales in the quarter totalled 8.5 million ounces — 5.7 million ounces of silver and 37,900 ounces of gold — up seven per cent but at an average realized price of $16.43 per ounce compare with $21 an ounce in the final quarter of 2013.

Attributable silver equivalent production in the quarter was nine million ounces (6.4 million ounces of silver and 34,500 ounces of gold), down eight per cent from 9.7 million ounces in the 2013 period.