Silver Wheaton (SLW) Reports In-Line Q1 EPS, Miss on Revenues

Silver Wheaton (NYSE: SLW) reported Q1 EPS of $0.14, in-line with the analyst estimate of $0.14. Revenue for the quarter came in at $198 million versus the consensus estimate of $214.16 million.

FIRST QUARTER HIGHLIGHTS

• Attributable production in Q1 2017 of 6.5 million ounces of silver and 84,900 ounces of gold, compared with 7.5 million ounces of silver and 61,900 ounces of gold in Q1 2016, with silver production having decreased 14% and gold production having increased 37%.
• On a silver equivalent basis¹ and gold equivalent basis¹, attributable production in Q1 2017 was 12.5 million silver equivalent ounces ("SEOs") or 177,900 gold equivalent ounces ("GEOs"), compared with 12.5 million SEOs or 156,500 GEOs in Q1 2016, with SEO production being virtually unchanged and GEO production having increased 14%.
• Sales volume in Q1 2017 of 5.2 million ounces of silver and 88,400 ounces of gold, compared with 7.6 million ounces of silver and 65,300 ounces of gold in Q1 2016, with silver sales volume having decreased 31% and gold sales volume having increased 35%.
• On a silver equivalent basis¹ and gold equivalent basis¹, sales volume in Q1 2017 was 11.4 million SEOs or 163,000 GEOs, compared with 12.7 million SEOs or 160,200 GEOs in Q1 2016, with silver sales volume having decreased 10% and gold sales volume having increased 2%.
• As at March 31, 2017, payable ounces attributable to the Company produced but not yet delivered³ amounted to 3.9 million payable silver ounces and 51,500 payable gold ounces, representing an increase of 0.6 million payable silver ounces and a decrease of 8,100 payable gold ounces during the three month period ended March 31, 2017.
• Revenues of $198 million in Q1 2017 compared with $188 million in Q1 2016, representing an increase of 6%.
• Average realized sale price per ounce sold in Q1 2017 of $17.45 per ounce of silver and $1,208 per ounce of gold representing an increase of 19% and 3%, respectively, compared to Q1 2016.
• Net earnings of $61 million ($0.14 per share) in Q1 2017 compared with $41 million ($0.10 per share) in Q1 2016, representing an increase of 49%.
• Operating cash flows of $120 million ($0.27 per share²) in Q1 2017 compared with $114 million ($0.28 per share²) in Q1 2016, representing an increase of 5%.
• Cash operating margin² in Q1 2017 of $12.91 per silver ounce sold and $817 per gold ounce sold, representing an increase of 22% and 4%, respectively, as compared with Q1 2016.
• Average cash costs² in Q1 2017 were $4.54 and $391 per ounce of silver and gold, respectively.
• Declared quarterly dividend of $0.07 per common share.

For earnings history and earnings-related data on Silver Wheaton (SLW) click here.

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